AIMA RSShttp://www.aima.org/
Common compliance trapshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2011B646-4A16-4D50-8BACFB2026DE1A90
2014
Securities registrants usually get into regulatory trouble due to a poor application of the applicable rules and requirements rather than a poor understanding of themPerhaps this is because the compliance issues are often handled like legal matters While the legal function is an intellectual exercise in divining the true intent of a particular rule or perhaps interpreting what one can ldquo;get away withrdquo; compliance isnrsquo;t simply an intellectual exercise Compliance is about making the a
Regulation in 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E51D4DF2-F325-4C34-8257B674C37060A9
2014
The changing regulatory regimeThe regulatory regime for financial services firms has changed substantially over the last few years as governments worldwide have sought to make structural changes to mitigate the risk of future financial crises developing In the UK 2013 saw the splitting off from the Financial Services Authority of its prudential responsibilities for banking and insurance with the remainder of the old FSA forming the new Financial Conduct Authority FCA The FCA has a single strateg
COREP reporting and CRD IV compliance How are you positionedhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/788D741B-05B6-483A-BFF6F679F979AFB8
2014
Capital Requirements Directive IV CRD IV now effectiveCRD IV became effective from January 2014 and seeks to strengthen the existing prudential framework by setting out quantitative and qualitative enhancements to the definition of regulatory capital Furthermore capital buffers liquidity requirements and leverage rules have been introduced for the first time for investment managersThe relevant CRD IV requirements are set out in the European Directive 362013EU and Regulation 5752013 but need to b
Identifying investment fund GSIFIs FSBIOSCO consult on nonbank noninsurer global systemically important financial institutionshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AFB7E488-9F79-4E62-99CE38794C68A3CE
2014
On 8 January 2014 the Financial Stability Board FSB and the International Organisation of Securities Commissions IOSCO issued a consultative document ldquo;Consultationrdquo; on proposed methodologies to identify systemically important non bank noninsurer financial institutions NBNIs This is the latest step towards implementation of the FSB SIFI Framework which requires at the outset identification of entities which are systemically important at a global level Similar methodologies have already
Seven key steps to fund governance in 2014 and beyondhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4913AF23-52FB-4B83-B840157E82987C9E
2014
In an everchanging regulatory environment that requires greater oversight and transparency from hedge funds investment managers must now be vigilant in their governance practices to ensure compliance and optimum service to the investors they serve In this article I want to discuss seven key elements for effective fund governance These draw on DMSrsquo; Annual Fund Governance Review 2014Annual Compliance ReviewInvestment managers registered under the Investment Advisers Act of 1940 the ldquo;Actr
AIFMD Critical cliff or steady coursehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5DD0EF1D-2380-44E2-BBD0CD182A14EA9D
2014
AIFMD is probably the most complex regulatory framework for the alternative fund industry ndash; comprehensive in terms of its scope and at least at first sight clear in terms of its implementation timeline With the first published proposal in April 2009 and the final agreement by the EU legislator in October 2010 the Directive came into force in July 2011 And now at the end of a twoyear period reserved for the final transposition into national law the Directive as well as the Delegated Regulati
UK partnership tax changes practical considerationshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/40BBC4D5-4940-4BE6-A4F3602FC6B1BCFE
2014
In December 2013 HM Treasury released the draft Finance Bill 2014 which contained the detail on the proposed changes to the taxation of partnerships in the UK following consultation earlier in the summer This was recently followed by additional guidance on 21 February 2014 providing further practical direction as to how HMRC would be applying the legislationThe proposals are farreaching and go further than many anticipated Despite what felt like a relatively long lead time when first announced l
CIMA turns the spotlight on corporate governance for regulated mutual fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/31B63936-BBC0-4C1A-B1301B9F0B09CB37
2014
In January 2013 the Cayman Islands Monetary Authority CIMA embarked on a consultation process inviting stakeholders to provide feedback on a range of corporate governance topics relevant to Cayman Islands regulated mutual funds In response to feedback from this initial consultation CIMA issued a draft Statement of Guidance on Corporate Governance for Regulated Mutual Funds SOG for industry to considerOn 6 December 2013 CIMA released its findings with respect to industry39;s comments on the draft
The evolution of activismhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/02CF54EC-F336-4451-BE65B710BCF0341B
2014
Open any business newspaper and you are almost guaranteed to see at least one reference if not more to an activist investor engagement This style of equity investing has returned to the fore and today has become more established better known and is better understood as a benefit to shareholders Engagements have advanced from an occasional threat to corporate management to becoming an indelible feature on the investing landscape that every company board needs to be aware of This situation has bot
UK Partnership tax changes how complex can it behttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4E0AB689-F809-4D4B-B2558FF31A80C1ED
2014
Following last yearrsquo;s consultation exercise HMRC issued draft legislation and guidance notes in December 2013 detailing a raft of very significant changes to the taxation of partnerships in the UK These changes take effect from 6 April 2014 and therefore businesses structured as LLPrsquo;s need to engage with these changes To aid this we have set out below some of the practical implications which arise from the new rulesldquo;Salaried membersrdquo; of LLPsA member of an LLP will be deemed t
The FSAs Dear CEO letter on outsourcing: what should asset managers be doinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/89E83002-C840-4D41-9B669EF23C31C424
2014
IntroductionOn 11 December 2012 the Financial Services Authority FSA now the Financial Conduct Authority FCA issued a ldquo;Dear CEOrdquo; letter in which it raised its concerns that many asset managers do not have in place adequate recovery and resolution plans in relation to the functions which they outsource to suppliers the ldquo;Dear CEO Letterrdquo;Just over a year on from the Dear CEO Letter it remains difficult to determine the precise level of engagement which has taken place by asset m
Depositary services in a postAIFMD worldhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4176AA11-84B7-4B1B-88C9460EAA75F1AF
2014
Ever since the Alternative Investment Fund Managers Directive AIFMD was first conceived in 2009 it has precipitated intense lobbying and legislative argument But with a July 2014 deadline now agreed and rapidly approaching attention is now focused on implementing the right solutions to achieve complianceOf particular interest is the Directiversquo;s treatment of depositary services ndash; the strict liability regimes and the effect on pricing the different models available the different guidance
Brand is the new performance for hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A5756D4D-F5DB-4294-B80DC1D96A1A424F
2014
Sophisticated investors know that performance alone is not a good reason to hire a manager Alternative investment management executives need to understand and embrace that dynamic and change how they position and market themselves as they work to build successful businesses and longlasting client relationshipsRegulators and the international legal community have always told financial firms not to rely on performance numbers when marketing themselves Mandated languagemdash;including ldquo;past pe
The fixed income securities market an overlooked gianthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/740E467B-F778-453F-BC4CF380AD0A4AAD
2014
This is the second of a twopart article The first part was published in the Q4 2013 edition of the AIMA Journal and can be downloaded hereMomentum strategiesDirectional momentum strategy ndash; buy after positive performance sell after negative performanceThe essence of momentum as a directional strategy can be easily described: one goes long a market if it has recently gone up and one goes short a market if it has recently gone down Such trends frequently occur in financial markets and speciali
EDITORIAL Capital markets and economic growthhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/45AC1678-28CE-40AC-B189B830B91EBBDC
2014
I was delighted that one of my first big tasks after taking over as CEO was to be asked to host the AIMA Global Policy and Regulatory Forum in New York on 6 March This has for some time now been one of the key regulatory events in the calendar providing a great opportunity for the industry to engage closely with policymakers and regulators from around the world and this yearrsquo;s event was no differentThe leading participants included senior representatives from the IMF IOSCO SEC FSOC US Treas
Tracking your digital footprinthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1F241AEC-05D0-469F-B0F73D144099E8C4
2014
Have you Googled yourself today If you are an executive portfolio manager research analyst or trader at an investment management firm chances are high that yoursquo;ve been Googled recentlyCurrent and prospective investors are increasingly flocking to the Internet to vet you and your firm as part of their due diligence process The only questions are: What do they find and what can you do about itThe Internet has completely transformed how people process information As a result everyone now has a
Blueprint for a 40 Act fundhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7B3205E7-293E-4485-8E47F818B5556822
2014
For a manager launching a USregistered alternative mutual fund structure is key Opting for an openend or closedend fund and deciding on the trust for the fund have major implications for how it can invest who can invest in it and how it fits with the managerrsquo;s other offeringsThe choice of openend or closedend is most important Both fund types are regisshy;tered with the US Securities and Exchange Commission SEC and subject to regulashy;tory oversight but only openend funds are available to
Overview of recent hedge fund regulatory developments in Asiahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9C51345B-1C74-4A1B-99A174D2D21E5E8A
2014
A number of regulatory developments have taken place over recent months in the AsiaPacific region that may have a practical impact on hedge funds trading or operating in the region This article sets out three main developments that have taken place in China Hong Kong and SingaporeChinaOn 10 April 2014 the CSRC and the SFC announced the approval of the ShanghaiHong Kong Stock Connect pilot program commonly known as the Mutual Market Access Scheme or MMA for the establishing mutual stock market ac
Trade reporting the story continueshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/827D5FAA-EA00-41ED-999CF37E64127E6F
2014
Since the onset of the global financial crisis policymakers and regulators have been working on a system to improve the transparency and integrity of the global financial system The need for timely access to detailed and accurate data on global derivatives activity led G20 finance ministers in 2009 to create a regulatory framework mandating reporting of OTC derivatives trades to trade repositories Major derivatives jurisdictions such as the US Canada Europe Japan Australia Hong Kong and Singapor
MiFID II: Early questions for foreign AIFMshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3B4AD1C4-5904-4765-A858CB1E3C56B546
2014
The European Commission Parliament and Council have now reached agreement on the texts for the Recast Markets in Financial Instruments Directive MiFID 2 and the Markets in Financial Instruments Regulation MiFIR MiFID 2 and MiFIR which comprise the MiFID II pieces of primary legislation are expected to come into force by the end of 2016MiFID II represents the response to the Commissionrsquo;s review of the Markets in Financial Instruments Directive MiFID MiFID governs those firms that provide inv
Shareholder activism: A Canadian perspectivehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CD90426B-0F28-468E-9A46704DBF7581D0
2014
Canadians are typically considered to be polite apologetic and affable and the fact is shareholder activism is widely perceived as not very CanadianlikeShareholder activism entails engaging management and the Board of an undervalued company with companyspecific recommendations which are expected to maximize long term shareholder value These companyspecific strategies may include changes to corporate governance capital structure dividend policy or asset composition Periodically especially if the
Cayman Islands to Revise ELP Law and Introduce New Third Party Rights Lawhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/ADFF6A77-72CF-42B5-989DB8628F46723D
2014
On 21 February 2014 the Cayman Islands government published two eagerly awaited Bills The first is intended as a comprehensive revision of the current Exempted Limited Partnership Law and the second will be a brand new law the Contracts Rights of Third Parties Law which will recognise third party rights and make them enforceable The purpose of this article which assumes the laws will be enacted substantially in the form of the Bills is to summarise certain key provisions of both Bills and to ass
EMIR is it doing its job in regulating the OTC derivatives markethttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/678723EA-878D-4AA2-B47A03EE7D911B48
2014
The European Market Infrastructure Regulation EMIR has been live since February 2014 By all accounts it has had a rocky start with many companies not ready to comply some repositories unable to cope with the demand and confusion in relation to what is in scopeA bit of backgroundhellip;Why was EMIR implemented Like so many other recent regulations the main catalyst was the global financial crisis It exposed fundamental weaknesses in the regulation of the global US650 trillion over the counter OTC
The SECs Form PF data usagehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8B236087-9E2B-42F8-88C6BD4CF6120E55
2014
The law requires the US Securities and Exchange Commission to report annually to Congress on how it has used the data it has collected from Form PF filings The latest release of the US SEC Annual Staff Report Relating to the Use of Data Collected from Private Fund Systemic Risk Reports1 is the first report of its kind Despite the size of regulatory assets under management and the number of funds reporting SEC experience with Form PF data is still relatively new As various agencies within the com
Corporate governance challenges for hedge fund boardshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4898EC23-66AA-4065-8EAD6137DEBC8126
2014
In part fuelled by scandals and significant cases over the past few years those relating to Madoff and Weavering for example managers are by now well used to engaging with increasingly probing questions from investors around governance arrangements and the independence of fund boardsIn this article we will seek to explore where we are in the ongoing governance debate and where we are likely to get to in the near term as the industry faces yet more governance challenges arising from investor pres
Global FATCA the OECDs Common Reporting Standardhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/40534EED-6051-4217-96EB16DD7200E493
2014
The counteraction of tax evasion has been high on the agenda of most Governments keen to curb the loss of tax revenues against the backdrop of unpopular austerity measures Despite many economies starting to move out of recession the cross border automatic exchange of tax information is a growing trend that is here to stayOn 13 February 2014 the OECD at the request of the G8 and the G20 released a proposed global standard for the annual cross border automatic exchange of information on ldquo;fina
EDITORIAL How to better understand hedge fund performancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0E2B6A64-E8CA-4E8E-B70B274ACE4EBD67
2014
At a time when many commentators have said that hedge fund performance is ldquo;disappointingrdquo; investor satisfaction levels continue to rise At the end of 2013 a Barclays survey of investors found that hedge fund performance for that year had been either in line with or better than the expectations of more than half of all institutional investors A survey by Preqin in January 2014 found that more than 80 of institutional investors were satisfied with performance the previous year despite th
What is conduct risk and what should you do about ithttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/ADEDBC0F-28FE-4CF2-BCA1179E6FF5DCAD
2014
Conduct risk is all the rage at the moment Senior people at the UK Financial Conduct Authority FCA are anxious to make speeches about it and consultancies are queuing up to advise on it Firms are frantically implementing change programmes to make sure that they manage it All of this is very understandable but there is one important and often unspoken problem: nobody really knows what conduct risk isThe term is not defined by the FCA indeed the FCA makes something of a virtue about not defining i
Alternative UCITS A hedge fund alternative for European investorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4A727E41-58E2-4D34-99789FC1374423C0
2014
In its Q3 2013 edition the AIMA Journal ran a story about the ldquo;Retail alternatives phenomenonrdquo; In times of artificially low bond yields and markets fuelled by excess liquidity investors more than ever are seeking investments that are likely to protect their portfolios when interest rates spike or market turmoil starts Liquid alternative strategies can provide investors with this kind of protection due to their capability of generating asymmetric return profiles in the spirit of Ineiche
The evolution of a revolution: Decades of change in hedge fund PR and communicationshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E8D79019-4B83-4395-B6B3B13D6AD5B787
2014
In many ways itrsquo;s classic Las Vegas Highrollers Celebrities Rock stars Breathless live TV coverage Packs of admiring press And enough social media traffic to make Miley Cyrus blush But this partyrsquo;s not just another big night in Vegas At this party ndash; and others like it in London Monte Carlo Singapore and New York ndash; the highrollers are professional investment managers the celebrities are some of the biggest names in global institutional investing and the rock stars are well roc
Managing tax exposure when investing in securities through ShanghaiHong Kong Stock Connecthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6F41C034-4E17-4BB3-959985DDE8A134C8
2014
With the goal of achieving a breakthrough in mutual market access in April 2014 China and Hong Kong announced ShanghaiHong Kong Stock Connect This is a securities trading and clearing programme to be developed by Hong Kong Exchanges and Clearing Limited HKEx the Shanghai Stock Exchange SSE and China Securities Depository and Clearing Corporation Limited China Clear It consists of lsquo;southboundrsquo; and lsquo;northboundrsquo; trading links Stock Connect aims to pave the way for the internatio
A new era for investment funds: The Irish Collective AssetManagement Vehicle ICAVhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/336DDD04-6CA8-40C0-90B4FBBC8B3E25B1
2014
The publication of the ICAV Bill 2014 the ldquo;Billrdquo; in July 2014 ushered in a new era for Irish investment funds As a bespoke corporate investment fund vehicle available for both Undertakings for Collective Investment in Transferable Securities UCITS and alternative investment funds AIFs the ICAV was conceived specifically with the needs of investment funds in mind and will have a range of advantages for fund promoters looking to establish a new corporate fund vehicle or convert or migrat
Certainty brought to the Cayman Islands FATCA regimehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A79DD57A-7688-4F3D-811D027464E8FBB6
2014
Since before 2010 when the Foreign Account Tax Compliance Act FATCA was introduced by the US it is safe to say that advisors have been considering the potential impact of FATCA on their clients It was not uncommon for a Cayman Islands legal practitioner to have to review the articles of association subscription agreements andor offering materials of a fund client to determine how it might best deal with a recalcitrant investor ie an investor that refused to provide any FATCA information that the
The regulatory response to financial technology innovationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F7C2D7F6-2097-47FF-B6DF9BF58EA24E1A
2014
Managers have long grasped the significance of advances in financial technology Technology has become inextricably interwoven into the financial industry not only creating entirely new business propositions such as crowdfunding peertopeer lending digital currencies mobile banking online investment big data and new payment systems but also as an indispensable precondition for managers39; regulatory complianceRegulators are also now responding to these rapidly accelerating advances Here we look at
IFCs are adapting with a global dynamichttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D99DF6C8-2CED-4BAB-AAB8E0BB1DD3BBF5
2014
If the end of the transitional phase for implementing the EU Alternative Investment Fund Managers Directive AIFMD has shown us anything itrsquo;s that International Finance Centres IFCs continue to respond and adapt positively robustly and appropriately to the rafts of regulation that come their wayContrary to speculation from some commentators the introduction of the AIFMD has been welcomed by some IFCs as something of an opportunity with certain IFCs Jersey included reporting noticeable rises
Which strategies can trustees trusthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/138C4FC4-603D-42B0-BEE4D4A2D4F91CA7
2014
Despite the negative press hedge funds are reaching alltime highs in terms of worldwide asset under management with 28 trillion thanks to 57 billion of inflows in the first half of 2014 1The main source of these inflows is institutional investors Why do they need hedge funds Because they must find alternatives to traditional portfolios and above all reduce their fixed income allocation While equity markets are an obvious solution their dramatic volatility has frightened more than one investment
Key considerations when launching a fund on a thirdparty UCITS or AIFMD compliant platformhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B59175D0-0BBA-49E4-8A55BC62FF615B5A
2014
The use of established thirdparty platforms has become increasingly popular for asset managers launching UCITS in recent years The indicators are that this trend is likely to be even more pronounced among managers seeking to establish alternative funds in compliance with the EUrsquo;s Alternative Investment Fund Managers Directive AIFMD This article provides an overview of some of the key considerations when negotiating to ldquo;onboardrdquo; onto an existing thirdparty platform in either the UC
US monetary policy in the aftermath of quantitative easinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CCF34471-87A6-479E-80B8976CEF8AB200
2014
The raterise debate is in full swing at the Federal Reserve Fed The end of quantitative easing QE in late 2014 brings a new era to monetary policymaking in the US There is no going back to the mindset of the Fed prior to the financial panic of 2008 because paraphrasing John Maynard Keynes ldquo;when the facts change I change my mindrdquo;And the context of monetary policymaking has changed dramatically The Fed now has a balance sheet of over 4 trillion or 25 of GDP compared to the precrisis leve
AIFMD marketing: what is it and why is it important to find outhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/37342375-919B-4D08-B58A7BA9DAC791B4
2014
The AIFMD 39;grace period39; which generally permitted marketing efforts in respect of alternative investment funds to be grandfathered for a further year ended on 22 July 2014 As a consequence alternative investment fund managers seeking to actively market funds to European investors will need to comply with AIFMD marketing restrictions including registration and disclosure requirements going forwardThis article discusses some of the key issues for nonEU fund managers looking to raise funds in
EDITORIAL Reflecting on our legacy looking to the futurehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5ACA50D9-8070-474E-B1BEF6924C419955
2014
I am delighted to introduce the 100th edition of AIMArsquo;s flagship publication the AIMA Journal Like the Association which marks its 25th anniversary in 2015 the AIMA Journal has a long and distinguished historyIts first incarnation as the 39;EMFA Newsletter39; reflected AIMA39;s origins as the European Managed Futures Association EMFA The EMFA Newsletter39;s eventual rebranding as the quot;AIMA Journal the Global Forum for the Global Hedge Fund Industryquot; mirrored the Association39;s exp
Looking back over 100 issueshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3EC95B77-D49B-41B1-92E682C183031B3D
2014
None of us who sat in that room in a Montreux hotel back in 1990 discussing the formation of a trade association for European CTAs dreamed that the European Managed Futures Association EMFA as it soon became would grow into an association of the breadth and size of AIMA It was less than two years later in January 1992 that the first EMFA newsletter was published for which I wrote an article entitled ldquo;Managed Futures Funds in Europerdquo; in collaboration with colleagues from a number of jur
Shanghai Hong Kong Stock Connect: Understanding the issueshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3EB29428-F3F2-4427-B0FC77805A53ACBB
2014
Hailed as one of the most exciting developments in the Hong Kong and China equity markets in recent years the ShanghaiHong Kong Stock Connect pilot programme was launched on 17 November 2014 and establishes mutual stock market access between mainland China and Hong KongSometimes dubbed the 39;through train39; the scheme permits via its 39;northbound link39; Hong Kong and international investors to invest in designated shares listed on the Shanghai Stock Exchange SSE and via its 39;southbound lin
Central bank policy divergence: With new FX trends may come surprises and volatilityhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D7A3B246-D5B2-4817-8CF9762E4F4D4776
2014
In the US and UK quantitative easing has ended and relatively healthy economic prospects are ushering in a debate on whether a rise in shortterm rates might be appropriate in 2015 In Japan and the eurozone though fears of deflation are spurring expanded quantitative easing Emerging markets are also seeing divergent patterns For example Brazil recently raised rates to defend its currency while Mexico has taken its shortterm rates to just slightly below the prevailing rate of inflation to prevent
FCA acts on concerns over risky coco bondshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/68FE1101-0C71-42BA-87B4C4960311EE9E
2014
The UK Financial Services Authority FCA has used new consumer protection powers for the first time in imposing a oneyear ban on the sale of contingent convertible bonds coco bonds The FCA announced on 5August 2014 that it would prevent the sale of coco bonds to retail investors from 1 October 2014 for one year on the grounds that the bonds were ldquo;unlikely to be appropriaterdquo; for the mass retail market Concerns have previously been raised about the risks of investing in coco bonds Many pr
Reporting under EMIR what lies aheadhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/88B0DA87-281D-4A11-AAEDA0A1FA787CC9
2014
Almost one year since the trade reporting mandate came into force under the European Market Infrastructure Regulation EMIR buyside firms have made good progress in meeting their reporting obligations in addition to those under the Alternative Investment Fund Managers Directive AIFMDThe focus is now shifting from initial compliance with regulation to addressing data quality challenges to ensure that information reported to trade repositories can be used by regulators to accurately identify and mi
Benchmark reform for better or worsehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A2264AB1-BE3A-4930-ADD084FD6DA9A8CC
2014
The manipulation of LIBOR and EURIBOR and investigations and enforcement action by regulators into these and other benchmarks have raised significant concerns about the integrity of benchmarks Benchmarks are vital to the pricing of many financial instruments and commercial and noncommercial contracts It is in this context that on 18 September 2013 the European Commission ldquo;Commissionrdquo; published its proposal for a regulation on indices used as benchmarks in financial instruments and fina
Cyber security for hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0B27CC89-8E7B-471A-B4D04A2B3C9C6364
2014
According to the latest KPMG Business Instincts survey underinvestment in technology over the past six years has left many Csuites fearful that they are vulnerable to some form of cyber attack Proactively managing cyber risk has become a key consideration for Clevel executives with as many as one in three senior executives saying that investing in cyber skills to protect their business is now their major concern Little wonder when the front pages of newspapers scream headlines about Heartbleed o
Mario Draghi moral suasion and Eurozone bankshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FE90D038-534C-4D4B-A2858BACC91ABC84
2014
The rescue recapitalisation and restructuring of the European banking system has been a long and painful process and is not yet over As many will be aware European bank equity has been a horrible asset to own during much of the pre and postfinancial crisis era In fact as the chart below illustrates with the exception of the periods following the bursting of the TMT bubble and the end of 1970s stagflation bank equity has been a very unrewarding investment to hold over the last 40 years Accordingl
Loan origination a new frontier for Irish investment fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3DFB09F4-C487-4987-836921E7B2AE7AE9
2014
On 18 September 2014 the Central Bank of Ireland the ldquo;Central Bankrdquo; authorised qualified investor alternative investment funds QIAIFs to engage in loan origination As a result Ireland became the first European Union EU member state to introduce a specific regulatory framework for loan originating investment funds Significantly once authorised by the Central Bank a loan originating investment fund may be marketed throughout the EU pursuant to the Alternative Investment Fund Managers Dir
Putting the JOBS Act to work: New platforms for building hedge fund reputationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0B30D544-976C-4F11-B994B238225DA2EA
2014
Question: How do you hide a business sector that controls nearly 3 trillion dollars in assets employs tens of thousands of people around the globe directly impacts markets and businesses and helps improve the longterm financial wellbeing of millions of people from all walks of lifeAnswer: Call them hedge fundsFrom secret and humble beginnings hedge funds today have grown fantastically in size They are part of virtually every pension fund portfolio every corporate deal every market headline and m
Big datas impact on hedge fund investinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/21B03436-9A8B-4C62-8F9662CE9F0D78F1
2014
If Alfred Jones and Benjamin Graham were alive today I believe they would be surprised by the success of the ldquo;hedgedrdquo; investment approach that they helped bring to life over 60 years ago Even for those with direct experience of compound performance and the avoidance of permanent loss of capital the growth of the hedge fund industry since then to 28 trillion today has been significant1For investors as passionate about analysis as Jones and Graham they might nevertheless be more surprise
The development of the nonbank finance market in Europe and the opportunity it presents for asset managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/07CFE7C8-CA08-41B7-B8526CABABA73EEB
2014
Europe has been slow to recover from the financial crisis with levels of unemployment remaining stubbornly high in most European countries This is in contrast to the US which has shown clear signs of recovery One of the key factors hindering Europersquo;s recovery is the lack of credit available to fuel business investment working capital and large scale infrastructure and real estate projects Banks in Europe and the US are being squeezed by regulators politicians and investors but the impact in
Why optin class actions are likely to change the way asset managers approach group litigationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F1087E0C-CB0E-4909-A75C2C6104895DDA
2014
Over the past few years there has been a steady and noticeable increase in the number of ldquo;optinrdquo; class actions being brought in the UK across Europe and globally That increase has coincided with an ever more sophisticated approach to promoting and handling group litigation by the law firms involved Law firms acting for a claimant class are motivated to increase the number of participants in the proceedings they manage as that will increase the potential total recoveries and mean that c
Launching your fund on a proper platformhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A2CEED24-AD67-4638-B5BA631132837411
2014
So yoursquo;ve heard the sirenrsquo;s song ndash; yoursquo;re thinking of starting a hedge fund Yoursquo;re not alone More than 800 new funds launched globally in 2013 including 71 in Asia Clearly in spite of mounting regulatory barriers the idea of launching and running onersquo;s own fund still has a lot of appeal among investment professionalsYoursquo;ve got the talent and experience some capital and some prospective investors and the commitment that the endeavor requires Now you face a cruci
Project Verde Impact on asset managers and insurershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6979C22F-F2C0-48B9-A42A0C388A423A1F
2014
The Treasury Committee has published are report into the Cooperative Bankrsquo;s failed bid for 632 branches of Lloyds Banking Group which were set to be divested Deemed Project Verde the Treasury Committeersquo;s conclusions on the current Approved Persons Regime are likely to result in the expedited application of the Senior Managers Regime to asset managers and insurersApproved persons regimeThe Project Verde Report makes for compelling reading It is the product of a high profile inquiry whic
EDITORIAL: Making a difference on our members behalfhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/85297618-91C9-4E48-882331D0DE7825D1
2014
As the year draws to a close I wanted to take this opportunity to highlight some of the key areas where AIMA is making a real difference on our membersrsquo; behalf:AIMA expertiseIn increasing numbers our members are directly accessing our strong bench of senior staff for guidance and advicePolicy and regulationOur proactive engagement with policy makers and regulators across the full suite of legislation impacting our industry eg AIFMD UCITS V MiFID global derivatives reforms CPO registration d
AIMA Journal Q4 2014 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/28A6E159-F754-49E8-A78E4ABDB6D5B310
2014
Changing the guard what to expect from the UK's FCAhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/23050157-7C25-4DE2-9FFD9D253285C983
2013
The 1 April 2013 changeover to the ldquo;twin peaksrdquo; model of regulation in the UK passed with relatively little publicity It followed a threeyear buildup to the separation of the Financial Services Authority into the Financial Conduct Authority FCA and the Prudential Regulation Authority PRA In the recent raft of approach documents fact sheets and speeches hailing the dawn of the new regulatory regime it was easy to overlook subtle messages about the changes that will shape the regulatory
The Alternative Investment Fund Managers Directive How prepared are youhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2F344D3F-89DD-4CC5-9425A06773D8948E
2013
There is now little more than a month to go before the Alternative Investment Fund Managers Directive AIFMD becomes law across the EU It has been a long journey since AIFMD was first announced over four years ago We have all needed to become accustomed to working through the uncertainty which surrounds AIFMD and which still remains in a number of areas todayIn the UK at least where most hedge fund managers manage nonEuropean hedge funds domiciled in the Cayman Islands there are signs that many m
Comprehensive alternative investment education supports effective regulation and legislationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/924868CA-575A-4A91-BF4EAD83C56CC1DA
2013
The CAIA Charter is the global benchmark for alternative investment education Developed regularly reviewed and expanded by academics and senior industry practitioners the CAIA curriculum provides regulators and investment professionals with a complete background in alternative investments Understanding these complex markets and strategies is essential for more effective and proactive regulatory oversight and relevant legislationThe CAIA Charter has been recognized by leading global regulator aut
Investment fund market in Brazil: Enhanced flexibility in asset allocation overseashttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/19D857A9-CC58-4790-9B30541F9D105B9A
2013
IntroductionThis article provides an insight into key legal and practical aspects related to the enhanced flexibility in asset allocation overseas by Brazilian investment funds It briefly scrutinises the basic features of these investment funds covering areas such as structure and investment parameter Finally it highlights the new regime for Brazilian private pension funds to ultimately invest overseasThe Brazilian regulatory frameworkGeneral overviewOn 18 August 2004 the Brazilian Securities Co
Australia's Investment Manager Regime: End in sighthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6F8BAF6E-265B-443F-BCBE4DD2F54491E8
2013
Global competition to attract ldquo;mobile capitalrdquo; has driven tax concessions to lower taxes for foreign investors These concessions known as investment manager exemptions or regimes are already offered by countries such as the US UK Hong Kong and Singapore Australia is in the process of finalising its own investment manager regime with the aim to reduce tax uncertainty and disincentives for certain widely held funds seeking to invest in Australia and use Australian intermediaries Foreign
Six ways hedge funds need to adapt nowhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4EEDFF6C-0F4A-40BF-BCC50740EFCF4469
2013
Where are we todayIt has been nearly five years since the financial world was turned upside down The events of 2008 and their aftermath are burned into the memories of asset managers and investors alike For those who are still in the process of recouping their losses the pain is all too presentFor the hedge fund industry 2008 looms even larger as a watershed year Itrsquo;s not that clients exited en masse or that hedge funds suddenly lost their touch A year earlier even though investors had long
Outsourcing by asset managers the FCA's "Dear CEO Letter"http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5F8388A2-03BC-4330-AF914C3A0F2EA894
2013
On 11 December 2012 the UK Financial Services Authority now the Financial Conduct Authority or FCA sent a letter addressed to ldquo;the CEOs of asset managersrdquo; the ldquo;Dear CEO Letterrdquo; In the Dear CEO Letter the FCA expressed its concerns in relation to the risks associated with outsourcing by asset managers ldquo;firmsrdquo; of operational activities to external service providers a trend which it sees as on the increase where the external service provider fails to provide service fo
Hedge fund expense due diligence: painting the full picturehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D8CA5A03-E145-4C6C-B83B6A54C0A2125E
2013
For institutional investors understanding what fees and expenses they may be expected to pay to hedge fund managers is critical in making wellinformed decisions However getting the full picture of the various expenses is rarely easy and requires careful review and analysis during initial and ongoing investment manager due diligenceThere are essentially three levels of fees and expenses paid by hedge fund investors:1 Investment Advisory Fees ndash; paid to the investment manager for its investmen
Time for action on FATCAhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/55A16147-ED37-47F3-99424A8D1FFA164E
2013
Whilst the Foreign Account Tax Compliance Act FATCA was enacted over three years ago the final FATCA regulations were only published by the US Treasury and IRS in January this year This article describes some of the ways the final FATCA regulations have attempted to reduce the administrative burden of complying with FATCA and highlights some of the issues managers of private investment funds need to evaluate in 2013 to ensure timely compliance with the FATCA regulationsOverview of FATCAThe princ
Major paper on challenges of regulatory compliancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/48C5DBE1-BB29-4CCA-885AC346FAD0C8CE
2013
AIMA members may be aware that we have recently embarked on a major research project about the costs of regulatory compliance The paper will be the product of a unique AIMA collaboration with the Managed Funds Association and KPMG International Our three organisations recognise that regulatory compliance is one of the biggest challenges facing hedge fund managers in this postcrisis environment and we are working together to conduct a comprehensive global survey which will set out to identify how
Countdown to AIFMD: Key issues for nonEU managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D4828A7C-EDF3-42D9-ABA9FDCC0477C98E
2013
22 July 2013 marks the quot;golivequot; date of the Alternative Investment Fund Managers Directive AIFMD in the EU Member States Iceland Liechtenstein and NorwayDespite being only weeks away it is by no means certain that the 22 July deadline will be met in all Member States Here we consider the key issues for nonEU managers and the significant uncertainties they face as they grapple with AIFMD implementationIssue 1: How will I market to EU investors after July 2013NonEU managers need to conside
Challenges in risk managementhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A2EE7BED-892F-4543-A8DEE33DAE738F58
2013
Five years on from the global financial crisis the focus on risk management is set to increase with the impending arrival of the Alternative Investment Fund Managers Directive AIFMD AIFMD requires risk management to be independent both functionally and hierarchically from the investment management operating unit In addition to the requirement to separate these functions where the AIFM is offshore it will be necessary to demonstrate that the function is carried out rather than delegated Therefore
PostAIFMD marketing of nonFrench AIFS in France without a passporthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D1EB58B3-3BF1-4720-93AA1152AE0FF65B
2013
The Alternative Investment Fund Managers Directive 201161EU AIFMD was implemented into French law by an order and a decree published in the French Official Journal on 27 and 30 July 2013 respectively together the ldquo;Implementing Textsrdquo;1However the AIFMD will be fully implemented only when the General Regulation GR of the French regulator the Autoriteacute; des Marcheacute;s Financiers AMF has been amended to incorporate the requirements of the AIFMD At the time of writing in August 2013
The retail alternatives phenomenonhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/14BA9747-33C8-4C44-87EFA1D2D46A19D0
2013
It is no overstatement to say that the move toward investing in alternatives has been one of the farthestreaching developments in institutional investing over the last quarter century The past decade has seen two waves of particularly rapid growth Between 2005 and 2007 global alternative asset classes managed by various types of managers nearly doubled from 29 trillion to 57 trillionAfter a pause in 2008 as shocked investors regained their bearings and took stock the importance of noncorrelation
The best defense is a good offense: Preparing for an SEC Presence Examhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1D90D328-5BC2-415E-9B30B414AA4F252F
2013
According to Securities and Exchange Commission SEC statistics over 1000 private fund managers registered with the SEC by the DoddFrank Wall Street Reform and Consumer Protection Act deadline The SEC39;s Office of Compliance Inspections and Examinations OCIE is targeting these newly registered advisers as part of a special examination program The SEC has stated that its quot;Presence Examquot; program is designed to help new advisers adjust to being regulated as well as to expose compliance and
European trade repositorieshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EF241D59-99FF-4CF0-A47DFFD305E27834
2013
In the aftermath of the financial crisis there was acceptance amongst market participants national authorities and global regulators of a requirement for improved risk management and increased transparency in the derivatives marketsIn 2009 the G20 met in Pittsburgh and agreed that all standardised OTC derivative contracts should be cleared through central counterparties traded on an exchange or other organised venues and reported to trade repositories The aim of which was to voluntarily improve
How should managers approach AIFMDhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A7C4645D-8341-49D0-87638CBD4080F24D
2013
The Alternative Investment Fund Managers Directive AIFMD the most significant piece of regulation to be introduced to the alternatives industry has been met by the European financial community with a degree of confusion and concern This article will explore the regulationrsquo;s implications how managers should be dealing with it and the potential benefits it may bring in the futureOn 22 July 2013 the deadline for the transposition of the AIFMD into law in each EEA member state came to pass Whil
Recent developments in Hong Kong short sale ruleshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B5707E37-F746-49C5-8F576E2E9C5E189E
2013
Hong Kong prohibits naked short selling Section 170 of the Securities and Futures Ordinance SFO makes it an offence for a person to sell securities at or through a recognized stock market the Stock Exchange of Hong Kong SEHK unless at the time he or she sells them:a he or she has or where selling as an agent his or her principal has; orb he or she believes and has reasonable grounds to believe that he or she has or where selling as an agent that his or her principal has a presently exercisable a
The puzzle of crossborder marketing of investment funds in the Netherlandshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E24D1757-2190-4715-8524714CC2E196DF
2013
IntroductionFollowing the transposition of the Alternative Investment Fund Managers Directive AIFMD in the national legislations of the EU member states the crossborder marketing regimes for investment funds have changed significantly Due to transitional provisions and the possibility for member states to keep in place national private placement regimes crossborder marketing can be quite a puzzle This article describes the possibilities for crossborder marketing in the Netherlands by EU and nonE
Assetbacked lending to UK agricultural industrieshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A4EB44CD-386F-438B-9349C3951BEC5306
2013
Normal0falsefalsefalseENGBXNONEXNONE Style Definitions tableMsoNormalTablemsostylename:"Table Normal";msotstylerowbandsize:0;msotstylecolbandsize:0;msostylenoshow:yes;msostylepriority:99;msostyleqformat:yes;msostyleparent:"";msopaddingalt:0cm 54pt 0cm 54pt;msoparamargintop:0cm;msoparamarginright:0cm;msoparamarginbottom:100pt;msoparamarginleft:0cm;lineheight:115;msopagination:widoworphan;fontsize:100pt;fontfamily:"Calibri""sansserif";msofareastfontfamily:Ca
The EU AIFMD: What does it mean for managers of Cayman and BVI Fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/314B5A8D-D1F3-41CC-A630C58E61DEF12D
2013
Normal0falsefalsefalseENGBXNONEXNONEMicrosoftInternetExplorer4 Style Definitions tableMsoNormalTablemsostylename:"Table Normal";msotstylerowbandsize:0;msotstylecolbandsize:0;msostylenoshow:yes;msostylepriority:99;msostyleqformat:yes;msostyleparent:"";msopaddingalt:0cm 54pt 0cm 54pt;msoparamargin:0cm;msoparamarginbottom:0001pt;msopagination:widoworphan;fontsize:100pt;fontfamily:"Times New Roman""serif";The European Union EU Directive on Alternative Investme
AIMA Journal editorial: Looking back over AIFMD processhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B1D3DA08-ED15-4455-8A4535D36B82BCCC
2013
With the Alternative Investment Fund Managers Directive AIFMD now finally starting to take effect it is perhaps easy to forget just how much of a threat the original draft legislation posed ndash; or the extent to which the AIFMD and the industry it will regulate have changed over the course of the last four yearsIt was April 2009 when the European Commission rushed to publish the draft AIFMD after minimal consultation with the industry and the investors it nominally sought to protect without a
Putting high correlations into context: The opportunities for longshort alpha capture remain abundanthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/496DB08A-E411-40FC-B48CBC6F91BE88C8
2013
800x600Normal0falsefalsefalseENGBXNONEXNONEMicrosoftInternetExplorer4 Style Definitions tableMsoNormalTablemsostylename:"Table Normal";msotstylerowbandsize:0;msotstylecolbandsize:0;msostylenoshow:yes;msostylepriority:99;msostyleparent:"";msopaddingalt:0cm 54pt 0cm 54pt;msoparamargin:0cm;msoparamarginbottom:0001pt;msopagination:widoworphan;fontsize:100pt;fontfamily:"Times New Roman""serif";Correlations have been trending higher over timeSince the beginning
RQFII the new Silk Road to Chinahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E3B4E3E5-7780-4E47-9A1543B7E178A2E7
2013
Following the recent visit to China by Rt Hon George Osborne the British ChancelloroftheExchequer the Renminbi Qualified Foreign Institutional Investor RQFII program has become a hotter topic in London and possibly elsewhere as well To the decision makers in Beijing RQFII underlines the ambition of the Chinese Dream depicted by the new leadership under Mr Xi Jinping and Mr Li Keqiang who want to push forward the internationalization of RMB ndash; which had not been allowed to cross the border si
Now in its 11th year the CAIA Association empowers partners and members to raise the standard in alternative investment education worldwidehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9EE9B9A1-A58E-436B-834CEB397F0C282F
2013
Having completed an extensive revision of its curriculum readings and published new books in 2012 CAIArsquo;s goal in 2013 was to expand global access to and awareness of its comprehensive and leading alternative investment curriculumTo this end CAIA implemented a global strategic effort to leverage deep and lasting partnerships such as with AIMA and forge new ones that brought CAIA to a new generation of finance professionals Engaging with our partners both on the ground and online brought the
Conflicts of interest at the fund level: investor survey shows allocators expect morehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4136F439-5A57-4E60-8CC4A0CEF9B2E620
2013
Conflicts of interest continue to rise up the regulatory agenda on both sides of the Atlantic In the UK the lsquo;Dear CEOrsquo; letter published by the then Financial Services Authority in November 2012 drew specific attention to the sometimes inferior management of conflicts of interest at UKregulated fund management firms Indeed the Financial Conduct Authority clearly stated at its Asset Management Conference in London that conflicts would remain on the agenda for scrutiny in 2014In the US th
Get ready to implement Hong Kong electronic trading ruleshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1FDBE6E0-B907-4CC1-8D8EE147BE74D876
2013
The electronic trading rules ldquo;Rulesrdquo; set out in paragraph 18 and Schedule 7 to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission SFC come into effect on 1 January 2014Prior to 1 January 2014 Hong Kong regulated asset managers and other Hong Kong licensed corporations need to:Determine whether the Rules apply to any of their activitiesIf yes:Review their internal systems policies and procedures for compliance with the Rules and update t
Derivatives reporting comes to Europehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/85DC82E4-9AC4-48BA-9ED5DA4F28784E9F
2013
Derivatives trade reporting requirements were enshrined into law as part of the global regulatory reforms to bring more transparency into the derivatives markets and are gradually being implemented in all the major jurisdictions around the world In fact trade reporting has been live in the US since October 2012 and in Japan since April 2013 Australia and Singapore have also recently started their phased approach to trade reporting in October and November 2013 respectively with Hong Kong due to l
Antimoney laundering and antibribery and corruption systems and controls in the alternative investment management sectorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BC26C0E5-DB12-4E1E-8D46439D3D431085
2013
Financial crime represents a real and significant threat to the integrity of our financial system The UN estimates that criminal proceeds total 870 billion globally each year and criminals continually seek to exploit financial institutions as vehicles to obfuscate the proceeds of their crimes To date much of the previous regulatory action pertaining to financial crime has focused on banks and insurers; however the UK Financial Conduct Authority FCA published a thematic review on 31 October which
Depositaries quo vadis Nowhere it seemshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/384463CD-2C61-4D67-81D2FBBEC1C7781F
2013
We are all aware of the four freedoms which characterise the European Union We all agree that these constitute the fundamental pillars on which the internal market operateshellip; But is this really the caseDecades after the establishment of the four freedoms including the freedom to provide services throughout all European Member States it appears that these rights are being undermined What is even more astonishing is that the freedom to provide services is being restricted or wilfully ignored
Cayman's proposed new fund governance regimehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/070A1A3A-D434-4112-91DB26CA8E458439
2013
The period since late 2008 has been a golden age quantitatively rather than qualitatively of financial services regulation The benefits to investors of the regulatory outpourings are not always easy to discern but the beneficiaries have most obviously been professional service providers whether working for governments or in the private sector engaged in creating interpreting and complying with sweeping and often clumsy efforts to impose homogeneous solutions to heterogeneous issues Accordingly
Some thoughts on a decade of due diligencehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BBB0FB83-F255-4BC9-A8CC2FBBBF94C206
2013
It has been my privilege to perform due diligence on hedge funds for over a decade first for Fauchier Partners and now for Permal Our teams have spent many thousands of hours with managers during that time and it should be emphasised that our meetings are for the most part as reassuring as they are stimulating However it is also inevitable that we have seen a whole spectrum of behaviour ranging from innovative best practice usually the product of a culture of alignment and transparency to conduc
Do operational due diligence service providers need industry standardshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CDFDB607-5D57-4006-927A28987024EC1F
2013
Hedge fund investors have demanded ever more complex scrutiny of potential investments in recent years and increasingly rely on operational due diligence ODD service providers to do the work on their behalf But how should investors assure themselves of the quality of advice they receive from independent ODD specialists If the reputation of the principals of investment managers is no longer sufficient justification for investment how can the reputation of the principals of ODD service providers b
Editorial: It has been a privilege and honour to serve the industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/31F76015-4ABE-4D54-B3C68706684DCE6B
2013
You may have read that shortly I will be stepping down as CEO of AIMA which makes this my final column for the AIMA Journal I became CEO at the start of 2009 after just over a year as Deputy CEO and throughout that time it has been a privilege and honour to serve the global membership of the organisation It has also been an extraordinary and extremely challenging period for the hedge fund industryI am glad to say that thanks to the efforts of our members our directors and our staff AIMA has come
When is a US Person not a US Personhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C2C9411E-64A5-475C-BEFBB8B25929B1C0
2013
SummaryRecent changes to certain US Commodity Futures Trading Commission CFTC rules mean fund managers trading most kinds of derivatives may be required to confirm to their prime brokers whether or not their portfolios are ldquo;US Personsrdquo; This new definition differs from US Person definitions employed in other US regulations and consequently fund managers must consider its applicability to them These changes may require a managerrsquo;s confirmation to its prime brokers or other swap coun
How to run offshore management companies and funds with substance and corporate governancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C511D286-70DE-4849-9A75AA28A66354A7
2013
IntroductionThe Cayman Islands and the British Virgin Islands BVI according to Q2 2012 statistics published by their regulators have in total over 13000 mutual funds between the two jurisdictions and more importantly over 2500 management companiesBut how many of these management companies are really doing what they are supposed to do and truly carrying out their functions as investment managerThis article looks at the reasons for setting up an offshore management company and how it should be man
EU law developments on VAT for investment managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F67C53D4-4947-4FB1-90E8C732F054C4AA
2013
The recent judgment of the Court of Justice of the European Union ECJ in the GfBk1 case provides important guidance on the VAT treatment of advisory services to investment funds and investment vehicles In the time since the decision the case has assisted the analysis and structuring as regards investment funds and investment vehicles established in the EU regardless of where the manager is located and also as regards investment managers located in the EUThis article is written from the perspecti
Skilled persons reports in the asset management sectorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D2E611B3-5D1F-48E4-9FD80ED77B4674D5
2013
Skilled persons reports are independent reports by expert third parties to a firm which the Financial Conduct Authority FCA or the Prudential Regulation Authority PRA may require the firm to commission and pay for on any matter in connection with the exercise by it of functions conferred on it by or under the FSMA 2000Criticised by some observers as ldquo;outsourced supervision and enforcementrdquo; skilled persons reports are of increasing importance The FSA commissioned twice as many in 201213
Convergence reigns competition heightens: Nine key considerations for European managers approaching the US markethttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8B52BD76-8896-4A29-8A1B80E68AC00A5F
2013
The days of an investment manager defining itself as a private fund manager separate account manager or regulated fund manager are gone In an effort to fully capitalise on growth opportunities and sustain existing relationships investment managers must be flexible and consider offering their strategies in multiple packages particularly with convergence well underway and facing an extremely competitive landscape with an investorempowered marketplaceAs stated in our early 2013 paper The Retail Alt
QDLP: New market for hedge fund managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7D3A041E-D824-4AF6-956E6CAC4ACFF1A2
2013
At long last the Qualified Domestic Limited Partnership QDLP program in Shanghai has been implemented The first batch six hedge fund managers have been approved to participate into the QDLP program and have started setting up the wholly foreign owned fund management company ldquo;Onshore FMCrdquo; and have begun RMB fund raising as wellThe QDLP allows qualified domestic private RMB funds established in Shanghai to invest into offshore securities markets A typical investment and operational struc
Hedge fund COOs rise to new regulatory hurdleshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CF49DCAE-CB66-4FEB-90451DC7A563F5E9
2013
SummaryIn July 2013 44 European and US hedge fund managers were surveyed representing nearly 325 billion in assets under management AUM The survey found:The amount of time that COOs dedicate to legal compliance and regulatory matters has increased substantially over the past two years Globally a COOrsquo;s time spent on legal and regulatory matters has increased up to 50 more for the majority of managers surveyedOver the past two years more than 40 of respondents have hired more than one noninve
The fixed income securities market an overlooked gianthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6E556858-381B-42BC-A00DE12FFFACF723
2013
The world equity and world bond markets are of a comparable size1 However the amount of attention that opportunities in these markets receive is remarkably different:journalists focus their attention on equity rather than on fixed income markets see Exhibit 1;academic publications mainly study equity market phenomena see Exhibit 2;there are many more equity hedge funds than fixed income oriented hedge funds2Exhibit 1: Number of articles published by Thomson Reuters Source for underlying data: Th
Fund corporate governancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1EDBA1E9-0B20-4B33-8204D9543C939BCE
2012
Q3 editionAwareness of the importance of fund governance has been gaining ground since the commencement of the financial crisis in 2008 While overall responsibility for good corporate governance lies with the board of directors promoters also have a major role to play Fund governance comprises systems which enable the proper control and direction of a fund and in particular the supervision of delegatesThe Board of Directors is required to act in the best interests of the fund which usually means
Markets lack confidence yet glass may be half fullhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/680EA2D0-70EB-45DD-98210B7AC3425056
2012
Q3 editionMarkets have been suffering a lack of confidence in the future and the resulting drag on world growth has been severe Since the financial panic of September 2008 marked by the very messy handling of the bankruptcy of Lehman Brothers and the nextday bailout of AIG the world has witnessed continuing erosion in the confidence accorded to policymakers technocrats and political leaders to restore a longterm belief that the financial system can once again function smoothly The most severe co
Into the Light: A Response to the EU Commission Green Paper on Shadow Bankinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/624BF326-EAF9-4245-BE0998A2A09B6C2B
2012
Q3 edition1 June 2012 marked the original closing date of the consultation on the EU Commission Green Paper on Shadow Banking The Green Paper generated a great deal of interest perhaps explaining why the consultation period was extended until 15 June It represents the EU's participation in the wider debate on how to regulate quot;shadow bankingquot; which was initiated by the G20 in Seoul in 2010 and which has been gaining traction recently notably under the auspices of the Financial Stabil
The operational challenges to investing in leveraged loanshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/292C5B2E-30E0-4346-8ECC94C37E973B47
2012
Q3 editionNormal0falsefalsefalseENGBXNONEXNONEMicrosoftInternetExplorer4 Style Definitions tableMsoNormalTablemsostylename:"Table Normal";msotstylerowbandsize:0;msotstylecolbandsize:0;msostylenoshow:yes;msostylepriority:99;msostyleqformat:yes;msostyleparent:"";msopaddingalt:0cm 54pt 0cm 54pt;msoparamargin:0cm;msoparamarginbottom:0001pt;msopagination:widoworphan;fontsize:110pt;fontfamily:"Calibri""sansserif";msoasciifontfamily:Calibri;msoasciithemefont:mino
Accidents and diversificationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/509DD48A-72A4-4979-A9DCF55013254B88
2012
Q3 editionThe idea of diversification is very old Supposedly itrsquo;s the only free lunch The idea has entered the English language as ldquo;donrsquo;t put all your eggs in one basketrdquo; It has entered investment management orthodoxy via Harry Markowitz and modern portfolio theory MPT The idea of spreading risk by diversifying risk is much older than MPT though The Oxford Dictionary traces the ldquo;eggs in the basketrdquo; idea to 1710 referencing an Italian source of proverbs from 1662 The
A guiding hand for GIPS compliancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/876FEDC4-A162-4202-A9C8E13C6EF7B280
2012
Q3 editionHaving first written in a 2005 edition of the AIMA Journal on the benefits of Global Investment Performance Standards GIPS for hedge funds I am perhaps not ideally placed to laud the newly released ldquo;Guidance Statement on Alternative Investment Strategies and Structuresrdquo; as finally giving hedge fund managers a reason to embrace GIPS But it is certainly a significant step in the evolution of GIPS from its traditional roots chiming as it does with the key strategic aim of the CF
Operational infrastructure and transparency to investorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D2C7C621-E9F9-4773-8D0CA8677C79A27E
2012
Q3 editionLater this month our third Annual Conference in London will feature a number of very distinguished keynote speakers our traditional regulatory panel and for the first time this year an ldquo;investor and performancerdquo; panelPlacing investorrelated topics at the centre of our Annual Conference further cements our already strong connections with the global hedge fund investor communityAs many of you will be aware a number of institutional investors in hedge funds are members of AIMA a
COO insurance benchmarking surveyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F1FFE494-BBD3-4C2C-AE419E415F9E75DA
2012
Q3 editionBackgroundThe survey examines the buying trends for professional indemnity pi insurance and directorsrsquo; and officersrsquo; liability damp;o insurance amongst hedge funds We analysed data from 120 Londonbased hedge fund managers with combined assets under management of over US200 billion The data covered all hedge fund strategies and ranged from startups through to established multibillion dollar hedge fundsThe purpose of this report is to allow COOs to benchmark coverage limits pre
Trust and transparency in the US hedge fund sectorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C5A8E904-7C89-4C44-BFBA1D7F5FCD70D5
2012
Q3 editionNormal0falsefalsefalseENGBXNONEXNONEMicrosoftInternetExplorer4 Style Definitions tableMsoNormalTablemsostylename:"Table Normal";msotstylerowbandsize:0;msotstylecolbandsize:0;msostylenoshow:yes;msostylepriority:99;msostyleqformat:yes;msostyleparent:"";msopaddingalt:0cm 54pt 0cm 54pt;msoparamargin:0cm;msoparamarginbottom:0001pt;msopagination:widoworphan;fontsize:100pt;fontfamily:"Times New Roman""serif";The US hedge fund industry is an integral par
Changing investor termshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/90F9D3B0-B2D7-42A9-9C097CAB9D9366A4
2012
Q3 editionAt some stage in their lives many Cayman Islands funds consider changing investor terms ie the terms on which investors initially subscribed for their shares in the fundThis may be as a result of changing macroeconomic conditions specific investment opportunities changing investor demand or simply the whim of the fund's operator The question then arises as to what steps must be taken in order to amend such terms Unfortunately there is no 'one size fits all' answer to thi
What hedge funds need to do about the JOBS Acthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3532014D-870F-43D2-82CF3913A1AA32DD
2012
Q2 editionThe 5 April 2012 signing by President Obama of the Jumpstart Our Business Startups JOBS Act has the potential to reshape the hedge fund landscape The JOBS Act eliminates certain restrictions on capital formation to spark economic growth in the US According to a recent Client Advisory from Katten Muchin Rosenman LLP: ldquo;The JOBS Act significantly expands the options that issuers including both operating companies and investment funds have to raise capital without registering their se
Proposed EU Data Protection Regulation potential issues for asset managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8475E488-B350-4939-AC2E1056D224612C
2012
Q2 editionIntroductionOn 25 January 2012 the European Commission published a proposed new EU Data Protection Regulation the ldquo;Regulationrdquo; which sets out the rules that organisations would have to comply with in relation to their processing of personal data if the Regulation were to be implemented in present form The Regulation includes a wideranging set of new requirements ndash; relating to areas ranging from territorial scope to the notification requirements that apply if a data breac
Private Fund Advisers: Compliance oversight of thirdparty administratorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1A08749B-2D51-4B0A-9513D6F967924B3C
2012
Q2 editionPrivate equity and hedge funds ldquo;Private Fundsrdquo; often contract with thirdparty administrators ldquo;Administratorsrdquo; to manage certain of their books and records Investment advisers to Private Funds who are required to be registered ldquo;Private Fund Advisersrdquo; with the Securities and Exchange Commission must comply with the requirements of the Investment Advisers Act of 1940 the ldquo;Advisers Actrdquo; which includes those related to recordkeepingRecordkeeping Requi
The emerging role of crisis alpha investinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/ED0BD86D-9174-4C18-A977660E86581773
2012
Q2 editionAs more and more market participants make the leap further and further into alternative investments it is paramount that they understand what to expect going forward and what types of new risks they may need to be aware of Unfortunately for many investors promises of uncorrelated returns have been hard to come by and investors are scratching their heads wondering what to do nextDiversification and alpha beta separationIf we go back to founding principles in the alternative space we can
Do you want leverage with that How to offer more leveraged access to your strategyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/318FE6D0-AE8A-44BC-BCCC39D29AFD1BC5
2012
Q2 editionBefore the financial crisis it was relatively common for a hedge fund manager to offer or at least to be asked to offer more leveraged access to one or more of its strategies Investor appetite for more leveraged access reduced but there are signs that this appetite is returningThis article explores the ways in which a manager of an existing fund can offer more leveraged access to its strategy and describes the pros and cons of each It assumes that the existing fund is a singlelegged ma
SEC charters new course: Setting sail for Caymanhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5EE19875-D573-445A-9578F1EEF5A9CD3A
2012
Q2 editionThe Securities and Exchange Commission SEC has set sail for the Cayman Islands embarking on a new expansion of its authority that could have a significant impact on hedge fund managers with offshore operations frequently accessing the US market A cooperative agreement that the SEC struck with the Cayman Islands Monetary Authority CIMA in March 2012 promises to give the US agency a new window into Cayman based operations Exactly how US regulators will employ this new tool or how much ac
Latest update on China's Renminbi Qualified Foreign Institutional Investor Schemehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/24E58CD7-E501-4115-99F5F0BE5A8498E4
2012
Q2 editionShortly after China launched the Renminbi Qualified Foreign Institutional Investor RMB QFII Scheme in December 2011 the State Administration of Foreign Exchange and the People's Bank of China issued their own circulars to elaborate on the implementation of the scheme On a practical front as of the first week of February 2012 the Hong Kong Securities and Futures Commission has approved 18 RMB QFII funds most of which have already been launched on the marketWith the joint promulgati
Worldwide FATCAhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BB062409-AB81-4508-970191AE3E2CBB32
2012
Q2 editionOn 8 February 2012 the US Treasury issued a momentous announcement quot;Joint Statementquot; while simultaneously releasing long awaited proposed regulations the quot;Proposed Regulationsquot; addressing withholding and information reporting requirements imposed under the Foreign Account Tax Compliance Act FATCA enacted as part of the Hiring Incentives to Restore Employment Act of 2010The Joint Statement revealed an unprecedented joint effort among the United States and the governments
Alternative UCITS for Offshore Fund Managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/48A2B2FA-E51B-42ED-A5013AC7375A5FBA
2012
Q2 editionFunds authorised as UCITS1 currently hold in excess of euro;7 trillion and as international recognition of this form of fund regulatory authorisation grows the related opportunities are being examined by an increasingly broad spectrum of investment managersThese opportunities include both a legal right to avail of pan European Union EU market access but also potentially expedited registration and facilitated distribution in third countries where the UCITS brand is readily identified an
Overview of recent hedge fund regulatory developments in Asiahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E0DD096B-4F64-4473-B9144D43EECB2619
2012
Q2 editionA number of regulatory developments have taken place over recent weeks in the Asia Pacific region that may have a practical impact on hedge funds trading or operating in the region This article sets out some of these developments in Hong Kong India Taiwan Japan Malaysia and KoreaHong KongSubject to the legislative process the new Hong Kong short selling reporting regime should come into effect on 18 June 2012What is the proposed reporting regime Under the proposed regime a short po
Onshore and offshore administrationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3996CC55-0D6C-4E15-A3AAEAAE1A58D706
2012
Q2 editionThe current trend is for firms to provide both an offshore and onshore administrative solution for funds Why is this happening what does it mean for the asset managers and the relationship with administratorsThe landscape in fund administration has continued to evolve with offshore players extending their service offering to onshore jurisdictions and to a lesser extent onshore administrators extending their offering offshore This has been in part a reaction to the changes that have occ
Hedge funds prove their worth over the long termhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/25DEB5CB-5666-4FC8-AEB34C0138F458D6
2012
Q2 editionHedge funds their role within financial markets and the returns they generate have been under considerable debate since the global financial crisis Some policymakers have been quick to blame hedge funds for market failures while some critics have questioned their performanceA newlypublished study from the Centre for Hedge Fund Research at Imperial College however uses compelling empirical data backed by detailed analysis to contribute some muchneeded objectivity to the debate about the
Trust and transparency crucial as Asian hedge funds compete for assetshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/48F0585C-1637-4779-961239FD76D2F86F
2012
Q2 editionAsiarsquo;s hedge fund managers are facing a dilemma Operating from the worldrsquo;s fastestgrowing economies with a broadening array of financial tools available to them they have a strong investment story to tell Yet in order to become billiondollar managers they need to raise assets from international institutional investors many of them from the US and Europe which expect the high standards of lsquo;trust and transparencyrsquo; typically associated with the largest international as
Corporate Governance in Hedge Fundshttp://www.carnegroup.com/files/CarneHedgeFundGovernanceSurveySept2011.pdf
2011
Inside the House of Money Revised and Updated: Top Hedge Fund Traders on Profiting in the Global Marketshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-047037909X.html
2009
Sell Short: A Simpler Safer Way to Profit When Stocks Go Downhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-047041233X.html
2009
Managing Hedge Fund Managers: Quantitative Qualitative Performance Measureshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470197595.html
2009
CAIA Level II: Core Topics in Alternative Investmentshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470694262.html
2009
Trading Regime Analysis: The Probability of Volatilityhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470987855.html
2009
Economics Makes Strange Bedfellows: Pensions Trusts and Hedge Funds in an Era of Financial ReIntermediationhttp://ssrn.com/abstract=1342715
2009
Emerging Market Hedge Funds and the Yen Carry Tradehttp://ssrn.com/abstract=1344659
2009
Do Investors Really Need Complex Derivative Strategies Evidence from Hedge Fundshttp://ssrn.com/abstract=1344656
2009
Coming Together after the Crisis: The Global Convergence of Private Equity and Hedge Fundshttp://ssrn.com/abstract=1340731
2009
Why We Need a Superfund for Hedge Fundshttp://ssrn.com/abstract=1358349
2009
Hedge Funds as Investors of Last Resorthttp://ssrn.com/abstract=1331838
2009
Skill Luck and Reputation in Product Diversification Decisions: Evidence from Hedge Fundshttp://ssrn.com/abstract=1345157
2009
Hedge Funds Activism: A New Trend of Convergence Toward Private Equity in Public Firmshttp://ssrn.com/abstract=1350757
2009
Estimating Operational Risk for Hedge Funds: The OmegaScorehttp://ssrn.com/abstract=1335449
2009
Crowded Chickens Farm Fewer Eggs: Capacity Constraints in the Hedge Fund Industry Revisitedhttp://ssrn.com/abstract=1343248
2009
Style Chasing by Hedge Fund Investorshttp://ssrn.com/abstract=1343281
2009
Higher Risk Lower Returns: What Hedge Fund Investors Really Earnhttp://ssrn.com/abstract=1354070
2009
Tracking Problems Hedge Fund Replication and Alternative Betahttp://ssrn.com/abstract=1325190
2009
The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performancehttp://ssrn.com/abstract=1337424
2009
Hedge Fund Returns and Factor Models: The Factor Selection Puzzlehttp://ssrn.com/abstract=1346319
2009
Madoff: A Riot of Red Flagshttp://ssrn.com/abstract=1335639
2009
Risk Management Lessons from Madoff Fraudhttp://ssrn.com/abstract=1358086
2009
What do institutional investors want Five challenges for hedge funds seeking asset growthhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/95A71534-8C41-4CEE-9A04B788F84FC3F2
2008
Less than 20 years ago hedge funds were on the fringes of the investment world Today they have become an industry in the mainstream on track to surpass 2 trillion in assets under management sometime in 2008 Since 1990 the number of funds has mushroomed from 640 to an estimated 9700 More to the point during that period hedge fund assets have risen at an impressive compound annual rate of 26 percent The question is how can the industry build on that success going forward Its traditional client bas
The World of Hedge Fund Valuation Exposing certain Market Mythshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/93FE949A-EF9B-4CA8-ABA05E56627D0D6F
2008
There has been much coverage press and industry activity with respect to valuations in the hedge fund industry in the last number of years Following the credit crunch and ensuing tightening of liquidity in the markets the scrutiny has intensified since Summer 2007 Valuation is extremely challenging for certain investment types in the current environment To begin it is useful to consider the importance of valuation Certain ldquo;market mythsrdquo; have developed causing issues in the valuation pr
Algorithmic Execution: Does backtesting really helphttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/04C38564-EB37-42B4-B3BC01F035E925D5
2008
Algorithmic strategies are being used increasingly to execute orders in electronic financial markets Algorithmic execution strategies break up an order which is large in comparison with available volume or bid into manageable slices which are then worked upon over time to reduce the total cost of execution What is the algo objective Historically in the equity markets execution performance has been measured against a posttrade benchmark such as VWAP the volumeweighted average price in the market
Theta as an asset classhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F0049909-ADAF-406F-8DCFA41286F9609C
2008
It is essential to find new ways or asset classes to deliver consistent and uncorrelated returns within the asset management industry The ldquo;time value of optionsrdquo; can deliver a desirable risk return profile because it is one of the asset classes which is not inflated A memory refresher: An option premium pays for the risk a seller of an option encounters to buysell an asset which the option is related to The dynamic of an option premium can be described by its partial derivatives known
Intelligent Commodity Investing: Opportunities and Challengeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/15B9DA38-F09D-45EB-90C09810C59177EE
2008
This article will discuss the historical underpinning of the current boom in commodity prices and alert the busy reader to some unexpected pitfalls when investing in this theme We will conclude with some observations on how to potentially take advantage of this asset classrsquo; opportunities According to Bannister 2006 2007 over the very long term commodity producers periodically need sufficient pricing to replenish physical and human assets ldquo;Every 15 to 20 years farmers miners and driller
Convergence in fund hedging why imitation is the sincerest form of flatteryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9B675B1F-DEC6-4A22-A64E4AB7DCB29194
2008
The introduction of UCITS III legislation across Europe means that traditional longonly fund managers are now able to implement hedge fundstyle investment strategies for clients in their pursuit of hedge fundlike returns In this article we look at the types of strategies being adopted by the mainstream and explain why there will always be investor appetite for ldquo;purerdquo; hedge funds When once asked what set him apart as the finest golfer of his generation Jack Nicklaus replied ldquo;I thin
The Independent Director and Protecting Investors in Cayman Fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/736C7204-751E-4C78-84702C6F8957BBA7
2008
What is an Independent Director In January 2008 the Alternative Investment Management Association republished its Offshore Alternative Fund Directorsrsquo; Guide the 2008 Guide recommending that in order to be considered properly independent a director should have no executive function with regards to the fundrsquo;s investment manager investment adviser or affiliated companies Alternatively a director may hold an affiliation but have no responsibility for carrying out work on behalf of the fund
Is UCITS 3 driving the convergence between hedge funds and longonly funds and what are the challengeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8FCD8C3E-EA87-4AE4-B9EA80D08EE2BE81
2008
Since the transposition of the first UCITS Directive 85611EC the investment fund industry has been subject to continuous changes in the tax and legal frameworks booming investor demand for investment funds and the increasing pace of financial product innovation The latest amendment of the UCITS framework issued in 2002 referred to as UCITS 3 paved the way for these trends to enter the UCITS passport world After full embracement of the Directive by the asset management industry the number of hig
Amendments to existing Dutch Investment Fund Tax Regime and introduction of new Exempt Investment Fund Tax Regimehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8FD85B56-2679-4E47-B83587816A67BF5A
2008
Since 1 August 2007 there is a new fiscal regime available in the Netherlands for investment funds This regime was introduced in order to withstand increased competition from Luxembourg and Ireland as favourable regimes for investment funds Under this new fiscal regime there is no corporation tax or dividend withholding tax levied on investment funds In section 1 the reasons behind the legislative amendments are explained; section 2 describes the amendments to the existing fiscal regime; section
Hedge funds show their mettle in a tumultous yearhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/38AA4B67-362D-4DA9-8E22EDFC8109B463
2008
2007 turned out to be a tumultuous year with the collapse of the US subprime mortgage market sparking the socalled ldquo;credit crunchrdquo; and repercussions across the world ranging from the first bank run in the UK for well over 100 years to many billions of dollars of debts being written off by other banks Not surprisingly it turned out to be a year when there was a pronounced dispersion in the returns from hedge funds There were some highprofile casualties including some in the credit space
Hedge fund industry performance asset flows 2008 in reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A8A486A4-8FA9-4127-BDC7F3E0B42743CC
2008
Introduction Hedge funds had a healthy year in 2007 with the composite Eurekahedge Hedge Fund Index up a solid 134 percent This compares favourably with performance during the last three calendar years ndash; 144 percent 2006 122 percent 2005 and 105 percent 2004 The yearrsquo;s performance has weathered credit related woes the attendant risk aversion and drying up of liquidity in the underlying markets which manifested themselves early in the third quarter of 2007 The ensuing down month August
The hedge fund industry in Germany the growing demand of investorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4659E24B-1472-4545-AD533C1E90790A46
2008
News about closing hedge funds and a difficult legal and fiscal environment for these products in Germany is dominating the media Little is released about the growing demand predominantly from institutional investors for alternative investments like hedge funds The following article will present detailed figures about the German hedge fund market and analyse the developments in recent years Owing to declining stock markets during 2000 and 2003 and low interest rates in recent years institutional
A HFOF investor's view on the managed account spacehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7FB9AE63-7FCE-42BA-96ADC3D5215DC71C
2008
Since their first appearance in the market in the late 1980s separately managed hedge fund accounts managed accounts for short have become increasingly sophisticated The authorrsquo;s company has been working with managed account platforms for over fifteen years and in this article sets out some of the key features and benefits as well as some of the challenges which users of these powerful tools can face Not all managers are open to running managed accounts in parallel to their own funds Many e
Fund of hedge funds' fee structures: change is in the windhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7B97E40D-9D6F-454E-A90DCE7E5B49079D
2008
Funds of hedge funds FoHF have been and will continue to be an integral part of hedge fund investing While many investors can and have chosen to bypass FoHF structures in order to invest ldquo;directrdquo; for the past 10 years AUM under the FoHF structure grew faster than AUM for all hedge funds combined The reasons for this impressive growth are obvious FoHFs provide diversity among managers reduce risk and hold out the promise of net returns higher than the average hedge fund The long list of
Operational due diligence challenges facing investors in Asian hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/77E2E21C-3547-4B81-A13F1640363F3BC8
2008
When considering the significance of operational risk in the hedge fund industry the well known and often cited study by Capco ldquo;Understanding and Mitigating Operational Risk in Hedge Fund Investmentsrdquo; 1 is frequently referenced Capco concludes that 50 percent of hedge fund failures ldquo;could be attributed to operational risk alonerdquo; Investors in Asian hedge funds frequently fail to understand how much greater the chances are of operational problems in Asia As the former manager o
Latin American hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/323A715D-B6DD-47E8-B58F3D5B99315F8A
2008
Overview Latin America accounts for 6 percent of the worldrsquo;s GDP and 9 percent of the worldrsquo;s population1 Its capital markets are bigger than those numbers would suggestSimilarly it is not an exaggeration to say that Latin America is still an underrepresented region in the global hedge fund industry With an estimated US 34 billion of assets2 144 hedge fund managers Figure 1 it represents less than 2 percent of the total universe The majority of Latin hedge funds are focused on Brazilia
Residence and domicile important changes to UK tax rules from 6 April 2008http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5E1A8FE6-0EEF-40B5-8E176D28D44ECC88
2008
Introduction In his preBudget Report PBR of 9 October 2007 the UK Chancellor proposed sweeping changes to the taxation of foreign domiciliaries living in the UK In addition the residence rules would be tweaked to make it harder for certain taxpayers to claim nonresidence status Since the PBR a consultation document has been issued in December 2007 asking for responses by 28 February 2008 Draft legislation was finally published on 18 January and is expected to be included in the 2008 Finance Bill
US tax legislation of relevance affecting PE and hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/10B161B1-C896-455C-AAB4E4D420D3142D
2008
A number of legislative proposals introduced by the US Congress in 2007 beginning in the wake of the Fortress and Blackstone IPOs would if enacted have a significant impact on investors in and sponsors of private equity and hedge funds An initial proposal introduced one week before the launching of the Blackstone IPO could eliminate an existing exception to tax treatment Interests in corporations of partnerships which are publicly traded PTPs where a PTP; i earns sufficient levels of passive ldq
Hedge fund oversighthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2713F554-5120-47B6-913F887415758387
2008
2007 will be remembered for the subprimecredit crisis and the impact of ldquo;cardboard collateralrdquo;2 2008 looks to be just as unsettling What does this portend for investors in hedge funds How will the directors of the corporate trustees of the unit trust or general partner of the limited partnership hedge fund respond Prospects ask many questions in due diligence questionnaires DDQs and meetings with promoters before investing and afterwards One of these assumes paramount importance: who i
Surviving the collapse of a hedge fundhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BF0143F7-688F-4E98-AD4E445D07292797
2008
Introduction Some hedge funds are reporting steep losses and falling asset values This may prompt a rush to exit by their stakeholders and investors forcing sales of assets to raise cash to meet redemption requests This in turn could cause a number of investors to seek to redeem their interests in the funds The funds can either suspend redemptions or sell assets at depressed prices to meet these redemption requests Therefore stakeholders creditors directors fund managers and functionaries of the
An update on the offshore funds consultation a closer examination of some of the key issueshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5BDA80B8-2E88-4862-B6FCB2698673EED4
2008
Introduction In the winter 2007 issue of AIMA's Journal Mark Stapleton outlined the key reforms tabled in the offshore funds consultation document released on the 9th October 2007 The consultation document sought responses by the 9th of January 2008 It is clear from the level of participation in the debate on those reforms that this is a key issue for both investors and fund promoters and managers both in terms of potential impact on existing products in the market and the new FAIF product
Jersey's new Unregulated Funds regime: speed and flexibility for alternative investment fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/567562D0-6E99-4C4D-963D748EFE4FA41E
2008
1 Introduction Jersey is further widening its capabilities as an offshore funds jurisdiction The introduction of a new Unregulated Funds Regime which commenced on 19 February 2008 will create two classes of investment fund which can be established without regulatory approval under Jersey's funds legislation Key features of the new unregulated funds include: bull; no audit requirement no limit on the number of investors no investment or borrowing restrictions and no need for Jersey servicepr
A Bayesian Approach to Detecting Nonlinear Risk Exposures in Hedge Fund Strategieshttp://papers.ssrn.com/abstract_id=1137914
2008
A Law and Finance Analysis of Hedge Fundshttp://papers.ssrn.com/abstract_id=946298
2008
A Longer Look at the Asymmetric Dependence between Hedge Funds and the Equity Markethttp://papers.ssrn.com/abstract_id=1088913
2008
A Model of Fund Growth for Managed Futures: Evidence of Managerial Skillhttp://papers.ssrn.com/abstract_id=1112858
2008
Aggregate Hedge Fund Flows and Asset Returnshttp://papers.ssrn.com/abstract_id=1081475
2008
Offshore Alternative Fund Directors Guidehttp://www.aima.org/en/document-summary/index.cfm/docid/B8CE3C63-4993-439E-BC4256AED36B1F7C
2008
Betas Characteristics and the CrossSection of Hedge Fund Returnshttp://papers.ssrn.com/abstract_id=1029644
2008
Capacity Constraints in the Hedge Fund Industry Revisitedhttp://papers.ssrn.com/abstract_id=1101741
2008
Capital Flows and Hedge Fund Regulationhttp://papers.ssrn.com/abstract_id=1026683
2008
Conditionally Fitted Sharpe Performance with an Application to Hedge Fund Ratinghttp://papers.ssrn.com/abstract_id=1151834
2008
Credit Risk Transfer Hedge Funds and the Supply of Liquidityhttp://papers.ssrn.com/abstract_id=1137924
2008
Crises and Hedge Fund Riskhttp://papers.ssrn.com/abstract_id=1108077
2008
Derivatives Use and Risk Taking: Evidence from the Hedge Fund Industryhttp://papers.ssrn.com/abstract_id=1108735
2008
Do Hedge Funds Arbitrage Market Anomalieshttp://papers.ssrn.com/abstract_id=1081943
2008
Do Hedge Funds Profit from MutualFund Distresshttp://papers.ssrn.com/abstract_id=1091421
2008
Do the Best Hedge Funds Hedgehttp://papers.ssrn.com/abstract_id=1107627
2008
Dynamic Hedge Fund Style Analysis with ErrorsinVariableshttp://papers.ssrn.com/abstract_id=1127669
2008
Dynamic Investment Opportunities and the CrossSection of Hedge Fund Returns: Implications of HigherMoment Risks for Performancehttp://papers.ssrn.com/abstract_id=1108635
2008
Economic Impact of Private Equity in the UKhttp://www.bvca.co.uk/
2008
Estimating Operational Risk for Hedge Funds: The Scorehttp://papers.ssrn.com/abstract_id=1086341
2008
Global Markets Alternative Investment Surveyhttp://www.deutsche-bank.de/presse/en/download/2008_Alternative_Investment_Survey.pdf
2008
Hedge Fund Activism in the Enforcement of Bondholder Rightshttp://papers.ssrn.com/abstract_id=1093387
2008
Hedge Fund Due Diligence: A Source of Alpha in a Hedge Fund Portfolio Strategyhttp://papers.ssrn.com/abstract_id=1016904
2008
Hedge Fund Legal Structure and its Impact on Performancehttp://papers.ssrn.com/abstract_id=1135664
2008
Hedge Fund Regulation and Misreported Returnshttp://papers.ssrn.com/abstract_id=1029195
2008
Hedge Fund Standards: Final Reporthttp://www.pellin.co.uk/HFWG/Final-Report.pdf
2008
Hedge Fund Survey of Australian Superfundshttp://papers.ssrn.com/abstract_id=1140982
2008
Hedge Funds and Financial Stabilityhttp://papers.ssrn.com/abstract_id=1120595
2008
Hedge Funds and Private Equity Under Contemporary Corporate Governance: The Dutch State of Affairshttp://papers.ssrn.com/abstract_id=1136902
2008
Hedge Funds: An Analytic Perspectivehttp://press.princeton.edu/titles/8635.html
2008
How Many Fund Managers Does a Fund of Funds Needhttp://papers.ssrn.com/abstract_id=1088429
2008
LPerformance with an Application to Hedge Fundshttp://papers.ssrn.com/abstract_id=1151835
2008
Measuring Hedge Fund Riskshttp://papers.ssrn.com/abstract_id=1141084
2008
Measuring the Tax Subsidy in Private Equity and Hedge Fund Compensationhttp://papers.ssrn.com/abstract_id=1082943
2008
NonParametric Analysis of Hedge Fund Returns: New Insights from High Frequency Datahttp://papers.ssrn.com/abstract_id=1130715
2008
Optimal Investments in Volatilityhttp://papers.ssrn.com/abstract_id=1146468
2008
Optimisation of a Fund of Hedge Funds Portfolio Using Price Maximisation of Basket Optionshttp://papers.ssrn.com/abstract_id=1082692
2008
Portfolio Performance Manipulation and ManipulationProof Performance Measureshttp://papers.ssrn.com/abstract_id=1151564
2008
ReExamining the Hidden Costs of the StopLosshttp://papers.ssrn.com/abstract_id=1123362
2008
Share Restrictions Liquidity Premium and Offshore Hedge Fundshttp://papers.ssrn.com/abstract_id=967788
2008
Stock Market Liquidityhttp://www.wiley-vch.de/publish/dt/books/newTitles200802/0-470-18169-9/?sID=
2008
The Effect of Shortfall as a Risk Measure for Portfolios with Hedge Fundshttp://papers.ssrn.com/abstract_id=1091590
2008
The Enigmatic World of Hedge Funds: Benefits and Riskshttp://papers.ssrn.com/abstract_id=1129182
2008
The Impact of NonNormality Risks and Tactical Trading on Hedge Fund Alphashttp://papers.ssrn.com/abstract_id=1137550
2008
The Law and Economics of Hedge Funds: Financial Innovation and Investor Protectionhttp://papers.ssrn.com/abstract_id=1066808
2008
The Life Cycle of Hedge Fundshttp://papers.ssrn.com/abstract_id=1088845
2008
The Performance of Emerging Hedge Fund Managershttp://papers.ssrn.com/abstract_id=1103215
2008
The Returns to Hedge Fund Activismhttp://papers.ssrn.com/abstract_id=1111778
2008
The Secondary Market for Hedge Funds and the ClosedHedge Fund Premiumhttp://papers.ssrn.com/abstract_id=1106654
2008
The Tail that Wags the Hedge Fund Doghttp://papers.ssrn.com/abstract_id=1142844
2008
What Hedge Funds Can Teach Corporate America: A Roadmap for Achieving Institutional Investor Oversighthttp://papers.ssrn.com/abstract_id=1079532
2008
When Bad Stocks Make Good Investments: The Role of Hedge Funds in Leveraged Buyoutshttp://papers.ssrn.com/abstract_id=1086687
2008
Where Do Alphas Come From: A New Measure of the Value of Active Investment Managementhttp://papers.ssrn.com/abstract_id=1127042
2008
Who Charges More: Hedge Funds or Mutual Fundshttp://papers.ssrn.com/abstract_id=1115537
2008
Why Does Hedge Fund Alpha Decrease Over Time Evidence from Individual Hedge Fundshttp://papers.ssrn.com/abstract_id=1108817
2008
A Growing Centre for Single Manager Hedge Fundshttps://www.gam.com/NR/rdonlyres/1DF50539-6F23-4DD3-B0F8-7BA793650683/0/ZHAWSurveyFINAL.pdf
2008
Hedge Fundshttp://rimer.butterworths.co.uk/webcat/enquiry/product/product_detail.asp?ProdID=4310
2008
The Performance Persistence of Equity LongShort Hedge Fundshttp://ssrn.com/abstract=1168799
2008
Valuation of Hedge Funds Portfolios In a Downside Risk Frameworkhttp://ssrn.com/abstract=1194282
2008
Hedge Fund Activism and Corporate Governance: The State of the Arthttp://ssrn.com/abstract=1221882
2008
Risk and Return in Convertible Arbitrage: Evidence from the Convertible Bond Markethttp://ssrn.com/abstract=885945
2008
Crisis and NonCrisis Risk in Financial Markets: A Unified Approach to Risk Managementhttp://ssrn.com/abstract=1160273
2008
Hedge Fund: City Business Serieshttp://www.ifsl.org.uk/upload/CBS_Hedge_Funds_2008.pdf
2008
The Capital Report on Seeding and Incubation of Hedge Fundshttp://www.booksonbiz.com/estore/index.php?main_page=pubs_product_book_info&cPath=99&products_id=1440
2008
Starting a Hedge Fund: A Canadian Perspectivehttp://www.booksonbiz.com/estore/index.php?main_page=pubs_product_book_info&cPath=99&products_id=1310
2008
Market Risk Analysishttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470997990.html
2008
The Long and Short of Hedge Funds: A Complete Guide to Hedge Fund Evaluation and Investinghttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471792187.html
2008
Hedge Fund Operational Due Diligence: Understanding the Riskshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470372346.html
2008
Market Risk Management for Hedge Funds: Foundations of the Style and Implicit ValueatRiskshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470722991.html
2008
Alternative Beta Strategies and Hedge Fund Replicationhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-047075446X.html
2008
Managing Credit Risk: The Great Challenge for Global Financial Markets 2nd Editionhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470118725.html
2008
Credit Crises: From Tainted Loans to a Global Economic Meltdownhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-3527503757.html
2008
Seeking Returns in Turbulent Markets: The Case for Hedge Funds During Market Downturnshttp://www.hedgeindex.com/hedgeindex/documents/Seeking%20Returns%20in%20Turbulent%20Markets_Aug%2008.pdf
2008
How Would You Like Your Fund of Funds Sir Highly Diversified Pleasehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/36060B61-0544-47D1-B9E126F85B4EA4F0
2008
IntroductionUntil recently the benefits of diversification in portfolio management have never been questioned No one would argue that a portfolio of more than 40 stocks is overdiversified whereas everybody would agree that an equity index could well be replicated with 20 stocks In the alternative investment world some people state that when a portfolio of hedge funds contains more than 20 single hedge funds it becomes overdiversified see Lhabitant and Learned 2004 Adding further funds to the por
Distressed Fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2DD2D614-CB7A-4BAD-8AE575ACB939C7DD
2008
The last twelve months has been a challenging time for many hedge funds seeking to manage liquidity issues particularly for those funds with a leveraged exposure to the credit markets In an environment where investment managers continue to talk of a ldquo;hoarding of liquidityrdquo; and as credit markets might still be ldquo;searching for a bottomrdquo; these challenging times may not be over just yetThere is therefore renewed interest in how best to manage distressed funds and also how best to
The Spectre Haunting the Hedge Fund Industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/513B2081-2EE5-4C76-9F74710C881CDFBB
2008
Absolute return has proved so effective at generating alpha that sustaining performance has become a larger problem for hedge fund managers than attracting investors The continuing growth in assets fuelled mainly by institutional investors is imposing new risks and responsibilities on hedge fund managers That they are largely operational in nature does not mean they matter less than investment strategies asset class expansion or arbitrage opportunities In fact the lagging to keep apace operation
A Comparative Review of Recent Hedge Fund and Conventional Fund Performancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1CBCFDEA-EA86-4868-BD4E8189F163EA70
2008
IntroductionIn terms of performance andor redemptions turmoil in the global financial markets has led to media reports painting hedge funds in a negative light Such reports tend to ignore the fact that there are two sides to the hedge fund performance coin ndash; absolute return and conservation of capital In any period of turmoil some losses may be unavoidable as managers close current positions be they in response to margin calls or stoploss triggers and reallocate funds to safer asset classes
The Regulatory Implications for Australiahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D66CEC1B-064F-47FC-BB16BA5E73D49DF5
2008
IntroductionThe adequacy of the regulation of short selling in Australia and around the world has prompted much discussion and commentary in the past few months Recently emergency measures have been imposed by the Securities and Exchange Commission SEC in the United States and by the Financial Services Authority FSA in the United Kingdom Even though many would say that the regulatory approach under Australian law and market rules is uniquely onerous and prohibitive in a case before the Federal C
Continuing to Provide Appealing Opportunistic Investmentshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/51B323FB-7EBB-4D89-B7582F2B2249B0A8
2008
Economic pundits and members of the financial press have painted a doomsday scenario for US real estate Home prices are in decline Housing starts are at multiyear lows and foreclosures have increased while credit has become harder to obtain These tales of woe have led many domestic and international investors to become fearful of investing in US real estateDespite this these problems have been largely isolated in residential real estate Commercial real estate remains strong and continues to offe
The Three 'Ds' Of Seperation Eluding Technology Integrationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B332D5BA-3877-4C2B-96CFC8F108BB14DA
2008
The three lsquo;Dsrsquo; currently playing a large role in the STP conundrum in todayrsquo;s fund of funds businesses are: Duplication Data DocumentationThey have a lot to do with the specific technology risks some alternative investment firms are running; addressing the challenges these lsquo;Dsrsquo; pose will help funds of funds immeasurably both in terms of cost savings achieved and in overall operational efficienciesLet us start with Duplication and its surly cousin Error: Both are
The Changing World of CFDshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/76F868B7-D2C3-448F-AA717CEFDC63DC79
2008
In the past few years we have seen a dizzying array of trading products and services emerge in global financial markets aimed at reducing the cost of exposure to an asset or group of assets These include contracts for difference CFDs exchange traded funds ETFs spread bets binary options covered warrants micro options swaptions and credit derivatives to name but a few While each product has achieved a degree of success with some finding favour in the mainstream arguably the most successful of the
How Outsourcing can Reduce Risk and Costhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/38C85A01-7EB4-4133-B86FD80E9A78F236
2008
The cost of failing to meet your Human Resource obligations can be severe Outsourcing is an increasingly popular way of managing Human Resources HR and can significantly reduce a Companyrsquo;s costs and exposure to riskThe risksWhether you have five employees or five hundred you have a duty to comply with an ever increasing raft of employment legislation and practices Coupled with the need to attract and retain the best people for the job the need to have an effective HR support function has ne
Interests in Hong Kong Listed Securitieshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/900115FF-A939-4740-BC0C3C9F47F18308
2008
As a consequence of the complexity of Hong Kong's disclosure of interests regime local substantial shareholders and global investment houses alike frequently fall foul of its provisions Even robust monitoring and reporting systems can fail to cater for idiosyncrasies of the Hong Kong regime It can be exceedingly difficult for investment managers particularly those in large corporate groups to keep track of total interests and make proper disclosures within the tight deadline Some issues tha
New Regulation on the use of Derivatives by Collective Investments Schemeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/61673B4A-7EB4-436E-80A17D108C6F4986
2008
The Spanish funds market has undergone significant changes in recent months with the approval on 2 April 2008 of Order EHA8882008 27 March on financial transactions by undertakings of collective investment institutions involving derivative financial instruments which clarifies certain aspects of the Regulation of Law 352003 4 November the MOUp to the enactment of this new regulation the UCITS Directive was not fully implemented in Spain for the use of derivatives by undertakings of collective in
The Treasury Testhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4774E121-AC3A-4274-9B2F20D51DFF38A2
2008
Since the beginning of time ultimate focus has led to ultimate return within a communitySpread yourself too thin and you become the perpetual ldquo;Master of Nothingrdquo; achieving corresponding results as you go Before you dismiss the text out of hand I ask you to rationalise for a second Think back to when you were so positive you could complete unaided the last DIY project or the first few weeks nee years within a new career experience breeds wisdom and repetition forms the key to successSo
A Key Area of Regulatory Focushttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/39735D98-6A1C-4D90-A595DD4118AA38F4
2008
Few can have failed to notice the increased focus and visibility that Financial Services Authority FSA is giving to combating market abuse and insider dealing whether it is in the public announcements of its investigations such as into the recent suspected ldquo;trashing and cashingrdquo; of banking shares or in the warnings in its speeches and publications promising more criminal prosecutions and increased use of its enforcement powersFSA has made it clear that this is a market wide issue and n
Green Light to the Management of ForeignDomiciled Fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/43D84FFA-8D0D-430A-8C419DC07701036A
2008
The Principality of Monaco is not just a magnet for large yachts millionaires and Formula One fans In order to attract funds and alternative asset managers recent legislative developments have resulted in fundamental changes to the rules governing the management of foreigndomiciled funds from the PrincipalityBackgroundPrior to September 2007 Monegasque law did not permit foreigndomiciled funds to be managed from Monaco The only exception permitted under Law ndeg;1194 was a relatively circuitous
Assessment of Hedge Fund Industry Challenges and Futurehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E6CA13BC-1A52-4017-8219AEC2C187899E
2008
In the midst of what is one of the most serious financial crises experienced in modern times we take this opportunity to offer thoughts on how the hedge fund industry with it and how it will look in the futureIt is too soon to speculate on when the current financial crisis will end though end it will as have all previous crises There is always a sense of ldquo;paradigmbustingrdquo; during times like these and certainly the financial world is pervaded by a sense of instability and a lack of confi
The Impact and Lessons Learnt for Investment Managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/749EAE75-18BC-49C5-8F84448817F9285A
2008
Since the summer of 2007 the financial services sector has been severely affected by one of the biggest crises ever to hit the sector the well renowned credit crisis Thus far banks have predominantly been impacted by the credit crunch and have suffered significant losses The fund management industry has also felt the dramatic effects of the crisis This recently published report is based upon a survey of 333 senior executives from across the global fund management community and investigates the c
The After Burnhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FF9939BB-0132-4868-B00E2F97BF3A2659
2008
The credit crunch started in midyear 2007 bringing with it totally dysfunctional markets which have now lasted well over one year At the time I was planning this article I thought the situation would have stabilised and although I would be writing about a very different market scenario it would be one with clear signposts and a sense of direction As it is I am writing this as the tempest rages about us with the future of the whole banking system both domestic and international under serious thre
The New ComplianceOperational Risk
2008
Hedge fund managers HFMs should expect to be more candid about their operational failings and losses Faced with public and political criticism the alternatives sector will increasingly be expected to demonstrate how it is keeping its house in orderInstitutional investors particularly pension and fund of funds managers have raised awareness of operational risk management and its evidencing through manager due diligence The industry has responded with the Hedge Fund Standards Boardrsquo;s HFSB sta
More Art than ScienceFIN48
2008
The US Financial Accounting Standards Board FASB has drawn a thin silver lining for certain nonpublic companies around the stormclouds gathering during the early part of October 2008; a further deferral of the effective date of implementation of FASB Interpretation 48 FIN48 by private passthrough1 and non passthrough companies alikePublic companies and their subsidiaries that prepare their accounts under US GAAP were required to apply FIN48 for accounting periods starting after 15 December 2006
Value of Liquidity and How to Detect "Liquidity Value Traps"http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6D6BBEDB-912F-49B4-A8EB5ABF4203F323
2008
How much are you willing to pay for your portfolio stocksrsquo; liquidity How do you justify your investment in illiquid stocks Is it cheap enough or is it just another ldquo;Liquidity Value Traprdquo; cheap because of illiquidityPortfolio liquidity is an important risk factor for portfolio management The ability to ldquo;get outrdquo; ie liquidate significantly affects the net selling proceeds and portfolio returnThe liquidity issue is greatly exacerbated as the global credit crisis worsens Inv
Hedge Fund Managers Lowering the Risk of Mobile Workinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EF8E90BD-D928-4FAC-A07E3A20F7B158BE
2008
SummaryHedge fund managers have a unique range of requirements that require extensive utilisation of mobile communications This reliance has however created a growing blind spot of risk management issues that not only affect trade but also fuel the regulatory media and investor concerns about the industryCurrent Climate and IssuesDuring the course of the deepening global financial crisis the hedge fund business has fallen under the spotlight of the media financial regulators and consequently inv
Strategies and Performancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/90B7A723-0622-4F08-98D8140F6E1B9B8D
2008
The environmental space is thematic rather than strategic which can leave those investigating the theme for the first time often scratching their heads and wondering whether there is indeed such a thing Simply sorting the jargon and tangle through the relatively small yet diverse group of investment vehicles can be extremely time consumingA random sample of misleading terminology which one encounters in the marketplace includes: Social Responsibility SRI Ethical funds Environmental Social and Go
A Genuine Alternative Asset Classhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/565113B3-9BAA-4740-A3AC210BEE4A037E
2008
Whilst investors clearly accept the argument in favour of ldquo;alternativesrdquo; within their portfolios the space has been dominated by hedge funds to the exclusion of others It is small wonder that the term ldquo;hedge fundsrdquo; covers such a wide range of sectors and strategies if the mere nomenclature is a dooropener to the investor market Ships operating in a trillion dollar market for ldquo;genericrdquo;commoditised types only which is both deep liquid transparent and uncorrelated prov
Wider Choice and Better Marketshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F82E3898-6BD4-4B97-A9C83AB212E8FEAE
2008
Turmoil in the financial system has inevitably brought intensified focus on issues of regulation and transparency In that context it is worth looking at the experience of hedge funds who have extended their activities into precisely those areas that entail more demanding regulatory requirements and more extensive disclosure ndash; the use of the listed securities markets as a source of funds for their investment management activities A number of hedge funds have floated separate listed investmen
Dynamic Conditional Correlation Models in a Multiple Financial Asset Portfoliohttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1164993A-61A0-46BD-97B9474A2C13A83A
2008
IntroductionAnyone who ever read a book on portfolio management knows that diversification is a key concept for portfolio managers Theory states that a portfolio with many low correlated assets will be beneficial from a risk perspective compared to one with few or highly correlated assets The reasoning behind this is sound but the value of this concept has been questioned recently following several large market movements where historical correlation patterns have broken down Last year we saw at
Railroad Efficiency is the Key to Continuous High Growthhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DF7213D1-8BF1-4B29-8D8584573898A8DF
2008
In the midst of the financial turmoil that might have been the worst since the panic of 1929 we tend to lose a proper perspective of how the crisis evolved Needless to say its direct cause was the unhealthy ballooning of the subprime loans in the US economy However we cannot forget about the undercurrent of the commodity prices that shot up sharply before so many of the large global financial institutions showed obvious signs of distressBehind the financial crisis there appears to have been an a
Residence and Domicile Update Changes from 6 April 2008http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8AD06F65-19AA-4E79-A86A00AC7252D3DA
2008
IntroductionIn the Spring 2008 issue of AIMA Journal we wrote an article on the proposed changes to the UK tax rules on residence and domicile from 6 April 2008 That article was written prior to the Budget on 12 March and in fact there were significant changes between our first article and the regime coming into force In particular the proposed changes to the UK tax treatment of offshore trusts were almost entirely rewritten This was partly at least as a result of extensive lobbying by the tax p
Independent Agent Exemption for Discretionary Investment Managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E9B2EE9F-7275-4243-992DBCBBC6D42B6D
2008
As widely announced Japanrsquo;s 2008 tax reforms introduced an independent agent exemption into Japanese tax law with effect from 1 April 2008 Reaction to the changes by foreign fund managers with business operations in Japan or those contemplating setup and Japanese fund managers seeking to expand their foreign investor base has been universally positive This article summarises the background to the reform and the guidance subsequently issued by the Financial Services Agency FSABackgroundOn 21
The Impact of Short Sales Restrictionshttp://www.cass.city.ac.uk/media/stories/resources/the-impact-of-short-sales-restrictions.pdf
2008
Performance of Emerging Market Hedge Funds in Their Geographical Focushttp://ssrn.com/abstract=1256283
2008
The Performance of Funds of Hedge Funds: Do Experience and Size Matterhttp://ssrn.com/abstract=1259430
2008
Fixed Income Portfolio Allocation Including Hedge Fund Strategies: A Copula Opinion Pooling Approachhttp://ssrn.com/abstract=1237702
2008
Alternative Beta Applied An Introduction to Hedge Fund Replicationhttp://ssrn.com/abstract=1269376
2008
Strategy Distinctiveness and Hedge Fund Performancehttp://ssrn.com/abstract=1236482
2008
The Fortunes and Foibles of ExchangeTraded Funds: A Positive Market Response to the Problems of Mutual Fundshttp://ssrn.com/abstract=1267466
2008
Multidimensional RiskPerformance Measurement for Hedge Fundshttp://ssrn.com/abstract=1273920
2008
Demystifying Hedge Funds: A Design Primerhttp://ssrn.com/abstract=1270265
2008
The Impact of Hedge Fund Family Membership on Performance and Market Sharehttp://ssrn.com/abstract=1286434
2008
Hedge Fund Regulation: The President's Working Group Committees' Best Practices Reports: Raising the Bar But Missing Riskshttp://ssrn.com/abstract=1279870
2008
Hedge Fund Investing: Identification of Potential 'BlowUp' Managershttp://ssrn.com/abstract=1275860
2008
Hedge Fund Structure Skewness and Liquidityhttp://ssrn.com/abstract=1282769
2008
Investment Rationales of Hedge Funds and Private Equity Funds in the German Stock Markethttp://ssrn.com/abstract=1292896
2008
Portfolio Optimization of Hedge Funds in a Downside Risk Frameworkhttp://ssrn.com/abstract=1297195
2008
Hedge Funds and Financial Stability: Regulating Prime Brokers Will Mitigate Systemic Riskshttp://ssrn.com/abstract=1297188
2008
An Artifact of Law: US Prohibition of Retail Hedge Fundshttp://ssrn.com/abstract=1302062
2008
Hedge Funds Systemic Risk and the Financial Crisis of 20072008: Written Testimony for the House Oversight Committee Hearing on Hedge Fundshttp://ssrn.com/abstract=1301217
2008
Recovering Delisting Returns of Hedge Fundshttp://ssrn.com/abstract=1294324
2008
Hedge Funds' Empty Voting in Mergers and Acquisitions: A Fiduciary Duties Perspectivehttp://ssrn.com/abstract=1285589
2008
Hedge Funds and Other Private Funds: Regulation and Compliancehttp://www.westgroup.com/store/product.aspx?product_id=40252681&pfv=True
2007 - 200
The biggest "CIO " Risk: "Alpha" Risk misManagementhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FA5D1073-2A32-4BCA-B40675FB470AEFA1
2007
Summary Despite ldquo;betardquo; risk being the dominant source of systematic behavior in the hedge fund industry the greatest source of marketdriven hedge fund blowups is ldquo;alphardquo; risk A significant percent of alpha risk results from hedge fundsrsquo; tendency to be netlong Complex Illiquid and Opaque ldquo;CIOrdquo;1 securities The hedge fund industry does an inadequate job of managing alpha risk What are Alpha and Beta Risk Letrsquo;s first define alpha and beta risk To do that we mu
Side pockets: Best practice and administration challengeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/53C9C259-E09A-439A-9ADA09662E3E8359
2007
The hedge fund industry represents approximately USD174 trillion in assets under management as of the second quarter 2007 according to Hedge Fund Research Inc and USD11 trillion in fund of hedge fund assets under management according to industry sources As more hedge fund managers pursue similar trading ideas and strategies astute managers continue to identify new investment opportunities that will increase their ability to produce additional alpha and distinguish themselves from their peers The
Capital Raising from Asia Asiabased funds are at a distinct disadvantagehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6D61A0AA-BB75-401B-BD5806569862EA72
2007
A good property investor knows that the three most important factors when investing are location location and location This adage can just as appropriately be applied in general to the hedge fund industry and the Asian hedge fund space specifically With the vast majority of hedge fund capital based in the US or Europe the problem of location for Asiabased fund managers becomes much more critical than just the occasional case of jet lag or staying up late for a conference call with time zone chal
Potential claim scenarios how your directors' and officers' and professional indemnity policies respond in potential claim scenarioshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3EDAD999-6E70-457D-AB475D32AC57B84B
2007
There is often a misunderstanding as to which forms of liability insurances cover which type of claim As one leading law firm observes ldquo;it is possible to buy both professional indemnity insurance and directors and officers liability insurance separately and on an lsquo;off the shelfrsquo; basisrdquo; The danger with this approach is that when a claim or investigation hits you may find insurers arguing among themselves as to which if either of the two policies will respond Indeed it is entir
Carbon nation A discussion on alternative investment opportunities in the European Union Emission Trading Scheme EU ETS and Clean Development Mechanism CDM Projectshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5B151AAD-1253-4873-8DC4595A3230EBDD
2007
The green house gas GHG markets are an emerging and rapidly growing asset class Although these markets are only recently emerging they are developing rapidly and global interest is increasing daily As the start of the Kyoto Protocolrsquo;s first official commitment period is rapidly approaching there are still a handful of uncertainties surrounding these emerging markets Has the European Union EU adjusted its allocation models appropriately to avoid another April 2006 Then the price of emissions
Asset finance weathing the subprime storm: Managing investments in a promising niche universehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8810212C-27A1-4A7A-BF863FAB3002C660
2007
Since the onset of the subprime lending debacle in the United States asset backed securities have gained significant visibility in the public sector The high degree of leverage employed by some managers coupled with marktomarket risk and the revealing of dreadful underwriting standards created the perfect storm for this asset class which we have seen spread into a liquidity crunch which is worse than that of 1998 Regardless of the increased visibility of one subset of the Asset Finance AF univer
Hedge fund returns' weightedsymmetry and the Omega c performance measurehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6B310664-6235-4C6A-8BA1E0D466F2F519
2007
Introduction Many investors consider investing in hedge funds HF because their dynamic investment strategies produce return distributions that often exhibit less downside risk and low correlations with the main traditional asset returns Analysts often proxy the downside risk by looking at the asymmetry of return distribution as measured by the skewness coefficient Recently however some analysts such as Ineichen 2006 give a closer look at the asymmetry of HF returns Among other things they point
Japan's new securities law tilts regulatory playing fieldhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AF0F255D-F015-4CB0-962C52CC28E2501F
2007
The Financial Instruments and Exchange Law FIEL was passed by Japanrsquo;s Diet in June 2006 superseding the Japanese Securities and Exchange Law SEL the Securities Investment Advisory Law SIAL and several other securities laws on September 30 2007 The FIEL: a Regulates funds including offshore funds that market or issue new interests in Japan from that date b Requires closed funds with Japanese investors to file a regulatory notice regarding their ongoing investment management activities and: c
UK all change for offshore fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3902AB3C-6A22-42AC-BA93AB14238E5CFE
2007
Introduction As part of the announcements made in the recent preBudget Report HM Revenue amp; Customs HMRC issued an important discussion paper entitled ldquo;Offshore Fundsrdquo; which aims to change key tax rules relevant to such funds from Summer 2008 Current rules relating to offshore funds treat gains made by UK investors holding ldquo;material interestsrdquo; in such funds as income unless the fund can obtain ldquo;distributing fundrdquo; status during the entire period in which the invest
Australian regulatory crackdown on sophisticated productshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0EBC17CE-ADD1-45D9-BF9C202FD03E9265
2007
Introduction The most significant and distinctive feature of the system of regulation of financial products and markets in Australia is that the law allows retail investors to be offered and to invest in any financial product no matter how sophisticated provided of course that there is full compliance with the substantial quot;disclosure documentationquot; regime The appointment of a new Chairman Mr Tony D'Aloisio of the Australian Securities and Investments CommissionASIC together with the
UK: do I need to rely on the IME Am I tradinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C0D3635C-6C11-40D3-8E58486729AB300D
2007
Given the recently issued HMRC guidance on the Investment Manager Exemption IME on 20 July 2007 it is a good opportunity to take a step back and revisit the IME issue from a first principles basis Is it necessary to rely on the IME given the activity performed by an investment manager on behalf of a fund By way of background if a nonresident carries on a trade in the UK through a permanent establishment or branch or agency the profits arising from that trade are prima facie subject to tax in the
Hong Kong: new focus on licensing hedge fund managers by the Securities and Futures Commissionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/03181B8C-B449-46A8-8B99A15CEB78A3EA
2007
The recent relaxation in licensing regulations by the Hong Kong Securities and Futures Commission SFC may provide a further boost to the territory's already booming funds industryHedge fund assets under management in Hong Kong now total some US335 billion1 The number of Asian hedge funds has quadrupled to more than 700 since 2002 while assets under management have increased nearly tenfold to US120 billion2However it has been perceived that Hong Kong is a costlier and harder place to establi
Spain: a burgeoning market for hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8826FCA3-4265-4736-8CAFAC3054ED5D3D
2007
In Spain a new onshore hedge fund regulation went into effect in May 2006 allowing managers to prepare to launch new onshore products An update to this regulation Real Decreto 3622007 published on 17 March 2007 includes the final text needed to officially launch and market new productsThe Spanish asset management market is small when compared with others in Europe; ninetyfive companies manage euro;262 billion of assets equivalent to 25 percent of the French market The most popular investment veh
The fee element in hedge fund investing: a closer lookhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E0A52191-29EB-4607-BC72B1E41EB42367
2007
Introduction One of the key features that distinguish hedge funds from other portfolio management vehicles is the fee they charge their investors on returns generated In addition to a management fee 1 to 2 percent levied on assets hedge fund managers also retain a portion usually 20 percent of the profits generated for a certain period commonly referred to as performance or incentive fees As the latter name suggests the rationale behind this ldquo;220rdquo; fee structure is to provide a signific
Demonstrating robust controls in the hedge fund industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/582F8105-C82D-40A8-A1DAA47CAE1C5C14
2007
Hedge funds ndash; under the spotlight Over the past five years assets in the global hedge fund industry have grown rapidly from US550 billion to over US2 trillion and hedge funds have become ldquo;mainstreamrdquo; For a multitude of reasons hardly a day goes past without the industry finding itself front page news: Shareholder activism; M and A activity; listing of permanent capital vehicles and management companies; record asset inflows; a few highprofile implosions; mouthwatering manager earn
Gatekeepers in the hedge fund industry: the good the bad and the uglyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EE9827F3-01F2-48F8-A58C9CEF268B7C57
2007
A gatekeeper can be defined as anyone who is responsible for selecting screening and eventually allocating capital on behalf of others For the purposes of this article when we speak about the role of the gatekeeper we are referring to the hedge fund and fund of funds universe We are in the position of both gatekeeper and ldquo;gate knockerrdquo; as we are always screening potential hedge fund investments while simultaneously attempting to work through various gatekeepers who provide investment a
Seeding it is a funny old gamehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9474E4E1-381C-4F3B-80BAD51A5925BC49
2007
Perhaps with the exception of the words ldquo;hedge fundsrdquo; themselves there are probably few descriptors in the alternative investments space that have so many meanings and misunderstandings as the words ldquo;hedge fund seedingrdquo; They may cover a myriad of transactions investment approaches and transactional philosophies They may also contain a number of myths and hearsay about dark secrets and opaque transactions Of course they do though I thought it would be quite nice to set the re
Benefits of hedge funds in ALM contexthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7157A827-A7A4-4FAD-816FBF9C97E2FBF8
2007
Introduction The objective of this paper is to show how hedge funds can play a role in the assetliability management of a Dutch pension fund PF taking into account the regulatory framework of the new FTK Recent market turbulence has drawn attention to the risk management practices of defined benefit pension plans and has increased the focus on assetliability management Underfunded pension plans are desperately seeking new asset classes or investment styles that would offer equitylike returns wit
Who's afraid of the bearhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1C75AEC3-8652-4D6F-B2C3C31D869FBDAC
2007
Global investors seem to have a thing about Russia They seem to expect that a country 15 years old and where memories of the Soviet communist system are only too vivid should behave like a Western European country and operate to the same standards Too often the phrase ldquo;Russia riskrdquo; is quoted as a reason not to consider investing in the region On closer examination many of these purported risks turn out to be a garbled legacy of memories from the 1990s or just the normal risks one might
Market complacency the risk of inactionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7A9CD3AB-1DE1-4EC0-AC30CF8409F6FE6E
2007
It is a challenging task to express views on market complacency Over the past half a century the foundations of finance theory have been built on the concept of ldquo;efficient marketsrdquo; with market prices being the reflection of the collective information on the prospective returns of financial assets Yet despite academic orthodoxy markets reflect not only the fair value of risk premiums for financial assets at any point in time but also the behavioural inclinations of market participants I
Should the different share classes of Chinese companies trade at par when there is no Capital Flow Restrictionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7BF0EF4A-D308-4A3A-963EB89870EC396B
2007
Many Chinese enterprises have issued different share classes to raise capital for expansion namely the A shares B shares H shares and ADRs These different share classes are traded in different markets and in different currencies eg Chinese Mainland Hong Kong and America Even though the different share classes represent equal ownership in the same company the prices for such are quite variable Historically many Hong Kong listed shares have traded at more than 40 percent discount to A shares Pract
Conducting hedge fund due diligence in Japanhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EB00EDF5-51A3-4C46-A426B41E62151696
2007
Japan is home to the second largest economy and the second largest capital market on the planet If we consider one billion US dollars of equity turnover to be a unit of trade opportunity for a hedge fund it is the most attractive place for hedge funds to trade because there are far fewer hedge funds per unit of opportunity compared to the US and Europe Japan has about one third of the number of hedge funds trading in its markets as the US and UK on a relative basis Fewer hedge funds mean less co
The US Securities and Exchange Commission's new rules for investment advisers and investorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D79A3F29-5026-4968-9F55A48E90AA621C
2007
In December 2006 the US Securities and Exchange Commission the SEC proposed i new antifraud rules for investment advisers and ii a new standard for the definition of accredited investors The SEC released these two newly proposed rules to the public for comments The deadline for the public to submit comments on those two rules ended on 9 March 2007 The 600 comment letters sent to the SEC represent an extraordinarily high number for such technical issues and is a further indication that hedge fund
New Investment Manager Exemption statement of practicehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DD4684B0-879E-4A2D-9CC052076D0F8E62
2007
The Investment Manager Exemption IME ensures that under certain circumstances an offshore fund engaging a UK investment manager does not become taxable in the UK through the actions of the manager As such it is a cornerstone of the tax regime for UK investment managers and is a key to the continuing presence of fund managers in the UKRevenue and Customs HMRC have recently revised Statement of Practice 101 SP 101 which provides guidelines on how they intend in practice to apply the IME The new SP
The fund manager's dilemma: the need to know versus the US Insider Trading lawshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6F33274D-63D9-46EC-B86E6C8D8655C131
2007
Fund managers in the United States owe a duty to their investors to obtain information about the companies in which they invest and to use that information to make the best investment decisions In the course of information seeking managers may come across information not available to the general investing public Such a manager is faced with a dilemma Is he prevented from trading due to the laws which prohibit trading on the basis of inside information or is he permitted even obligated to use suc
Crossjurisdictional analysis of the regulatory treatemtn of Investment Funds in the Cayman Islands Jersey and Guernseyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2D04E365-F9DF-48D1-8A0A62A9E07A8D9E
2007
Promoters of investment funds may choose between a number of internationally recognised offshore jurisdictions The Cayman Islands is the jurisdiction of choice for many sponsors and is often favoured when prospective investors are based in the United States Due to time zone efficiencies Jersey or Guernsey may be preferred when the target investors are based in Europe This article provides an overview of the regulatory systems in these jurisdictions The Cayman Islands 2006 was another record year
Capital Requirements Directivehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E264150D-14E2-41C0-AD3E51E1DD9DBABF
2007
The UK Financial Services Authority FSA has been for the most part entirely reasonable in its approach to the hedge fund industry To its great credit it has not responded precipitously to the strident voices calling for harsh regulation of hedge funds which are based more on prejudice than hard evidence So when the regulator invokes the Challenger space shuttle disaster as a warning it would probably pay to sit up and pay attention The somewhat dramatic warning was sounded in relation to the imp
The liquidity mismatch timebomb in funds of hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F61D72A1-BF6E-482A-9F67A9C37B29F4A4
2007
Given the multilayered investment structure of a fund of hedge funds FOHF liquidity risk enters the picture at three levels underlying securities underlying hedge funds and the FOHF itself While it is natural to expect some variation recent changes in the industry have led to misalignments in liquidity risk and these could have severe consequences for investors if not properly managed Liquidity: a shrinking pool A hedge fundrsquo;s liquidity constraints are driven by two key factors the liquid
The bright and dark sides of managed account hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E261F170-C51E-4C66-9962CB734763F1E0
2007
1 Introduction Investing in hedge funds and CTAs used to be compared to investing in a black box The ongoing institutionalisation has effectively changed the hedge fund industry in recent years An ever increasing number of hedge funds show some portfolio transparency to their investors with respect to risk exposure and some even offer complete transparency Managed accounts stem from the investorsrsquo; need to weaken such characteristics of hedge funds as illiquidity lacking regulation and nontr
Deal or no deal: 'activist' hedge funds embrace media strategieshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3A1F07FE-DEB8-4EAC-A6EB657118879F69
2007
Deal by deal activist shareholders are remaking the corporate landscape the Mamp;A space and proxy battles Behind virtually every such deal a hedge fund manager is either leading the charge or trying to muscle in on the deal Hedge funds and their cousins in private equity and even traditional longonly managers are stepping to the plate backed by larger pools of capital and no apparent limits on the size or complexity of the deals attempted Knowing full well the importance of the media and public
Hedge funds and the shifting landscape of riskhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7E5B9C73-BE3A-4B09-A3CFFE2041142EE5
2007
Risk in its broadest sense is the measure of our collective quot;true fearquot; ndash; an amalgam of rational doubts irrational fears and biases from our own experience1 Risk is currently a hot topic in the hedge fund industry and elicits confused and contradictory responses As the industry continues its growth and the occasional highprofile blow up occurs increasing fear of risk translates into demand for more stringent oversight and control On the other hand the global rout in February when im
Does your hedge fund umbrella work in the rainhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/78996D4D-30BD-4F67-B71F0810EE3999B1
2007
The case for hedge funds is a strong one Many investors including increasing numbers of institutional investors have opted for hedge funds as a diversification element in their traditional portfolios The upside of broader mandates strategy diversification risk reduction Downside protection and yield enhancement offered by hedge funds has been too attractive to ignore Research has shown that the appropriate addition of a hedge fund component increases the Sharpe ratio of a fund; that is it increa
Investing in hedge funds red flags and spotting the real storm warningshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2A9AC51C-ECE3-4CD9-B4742E0FE2C8D3D1
2007
Experience shows that few fund managers can beat the markets year on year During the period 1997 to date only a quarter of investment funds were able to return more than the compound cost of borrowing for investment at a rate of 5 Current fee structures encourage risk taking or in the extreme actual cheating or outright fraud Mortality rates in the hedge fund population are high and managers face a daily battle to retain investor funds The rise in popularity of hedge funds continues and some hav
Australian hedge fund investor appetiteshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/119E9416-86F1-4A88-BA90CC93F4B260C4
2007
Australia has a mandatory retirement savings policy which is generating significant institutional demand for alternative asset classes mdash; in combination it is not surprising that the quot;lucky countryquot; as it is known down under has become a focus for hedge fund managers the world overDue partly to this increase in appetite the national hedge fund sector has grown exponentially in recent years to reach around US31 billion in assets under management or US47 billion if you factor in funds
The new discussion: replication of hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6441150F-31AF-4E74-B793EB285F12D75D
2007
The discussion on alpha versus beta in the breakdown of investment returns is as old as the capital asset pricing model which defined these terms about 40 years ago The discussion has finally reached the hedge fund industry Academic research and investors alike have begun to realise that also for hedge funds the ldquo;search of alphardquo; must begin with the ldquo;understanding of betardquo; the latter constituting an important ndash; if not the most important source of their returns The beaut
Trading of Russian derivatives: Is the Russian market becoming more maturehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C8412401-CB2A-4564-8D71C7DEE80EC0E9
2007
Introduction The Russian bear has seen a long bull run in the equity market with the RDXxt US Index increasing by more 530 percent since 2003 With a market capitalisation of over US one trillion Russia has evolved into an important global equity market This performance has again attracted investors from abroad who left the Russian market after the 1998 crisis However or because of this the equity derivatives market is not that developed One reason is that the legal framework in Russia classifies
Role of hedge funds and their effect on emerging markets like Indiahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D43FB486-ADA8-4B46-ADB95ED83E7ADD66
2007
There is no surer sign that emerging markets like India Brazil and China are coming of age than the increasing interest of international hedge funds in these markets In the longrun most are expected to deliver capital gains dwarfing those of more developed economies In fact if we track the MSCI indices of these countries we see that these markets have begun significantly outperforming the US markets for over 5 years now Graph 1 Figure 1: Performance of MSCI Country IndicesSource: Bloomberg April
13030 funds a new middle groundhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7E81EC1D-6CB8-4FFF-9C5D539C37993E5E
2007
Introduction Commentators on the alternative and traditional asset management industries are predicting an explosion in the demand for socalled 13030 funds in the coming months and years So what are they and what opportunities and threats do they present Will these products provide the impetus for investors who were hitherto not invested in alternatives to begin to make significant allocations to hedge fund type strategies Could these products eventually prove to be a substitute for hedge fundsW
Financial Instruments and Exchange Law of Japan a closer lookhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/208F26C8-CD50-4D54-874A221CA68B55A2
2007
Introduction The implementation of the Financial Instruments and Exchange Law FIEL is fast approaching The new law must come into effect by 13 December 2007 However it is understood that the law may come into effect as early as the third quarter this year Accordingly it is an appropriate time to take a closer look at some of the provisions of FIEL In particular some of the changes it will bring to the registration requirements for regulated businesses Registration Requirements It is now commonly
New procedures for Irish Qualifying Investor Fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4CFD37BA-ED30-4523-855E903A642CC4CD
2007
Introduction In February 2007 a new regime for the authorisation of Qualifying Investor Funds QIFs with the Irish Financial Services Regulatory Authority was introduced to facilitate the nextday authorisations of QIFs This is seen as a significant and welcome development for the Irish investment funds industry likely to attract promoters of a wide range of investment funds to Ireland The new regime and revised product parameters for the QIF are examined below Fund Structures In Ireland outside t
Change is in the air regulation of Bermuda's investment funds industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4AA6A3F5-61AF-45D5-89C329ECA42EF003
2007
Introduction Bermuda has recently approved a new regulatory regime for its investment funds industry in the form of the Investment Funds Act 2006 the Act The Act was approved in December 2006 but came into force on 7 March 2007 and replaced the regime established under The Bermuda Monetary Authority Collective Investment Scheme Classification Regulations 1998 the Regulations The Act has been welcomed by the industry It deals with the authorisation and regulation of investment funds by Bermudarsq
Sweeping changes proposed to dealer adviser and investment fund regulation in Canadahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C44DA75C-84F8-41FD-A8FF2B7C4B30E53B
2007
On February 20 2007 the securities regulators in each of the provinces and territories in Canada published new draft legislation entitled National Instrument 31103 Registration Requirements The proposed legislation which is intended to harmonise streamline and modernise the regulation of securities dealers advisers and investment funds in Canada contains sweeping changes to the current regime The new legislation will impact both Canadian and nonCanadian businesses who raise capital or deal in se
Permanent Capital Vehicles key UK Tax issueshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CB4BBCAA-0FBB-4901-9DFC25F4FAF667EB
2007
Permanent Capital Vehicles are best understood when stripped to their bare essentialsThey attract investment capital which cannot be returned to investors except in certain corporate situations such as share buybacks or liquidation PCVs are not new eg UK Investment Trusts are typically issuers of ldquo;permanentrdquo; capital Real estate funds have often been structured as PCVs such as the socalled REITpetites However recent interest has centred on their use by alternative asset managers to tap
Alternative becomes ever more mainstreamhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0A4127BA-6E9A-4F83-B4B4C3614E7C5F85
2007
The year 2006 turned out to be another actionpacked time for hedge funds dominated from a news perspective by the highprofile blowup of Amaranth Advisors but ending with robust performance overall ndash; and a further robust increase in industry assets The latter part of the year and the first few weeks of 2007 also brought a flurry of activity ndash; spanning acquisitions buyouts IPOs and fund flotations ndash; signalling what looks like a dramatic acceleration in the reshaping of both the hedg
Misconceptions about hedge fund returns bubbles and the Alpha poolhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F42989DE-3CA0-400B-AAC58DA7BDD6C3C4
2007
The drumbeat of people calling for the demise of the hedge fund industry continues to pound with greater consistency and intensity Not a single week passes without someone speculating that hedge funds are the next asset bubble ready to burst or that returns from the hedge fund managers will be lower in the future than they have been in the past Their arguments are premised on the beliefs that the alpha pool is limited and as more players enter the hedge fund space there will be less alpha to go
Communication has never been so importanthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F64DFCF2-ACB2-4B66-A45EFDB4E4CAC6A1
2007
Cashflow into hedge funds has increased dramatically over recent years But many hedge fund managers are still failing to win in client pitches because they cannot properly communicate their investment processes Why Because the hedge fund client base has changed and many managers have not yet understood this change This increased cashflow is coming from institutional investors But institutional investors have responsibilities to their own clients that are different from the traditional hedge fund
Hedge fund industry fragmentation and the case for smaller managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D7D59A88-3EBB-426C-85913688EE313162
2007
It is common knowledge that the hedge fund industry looks vastly different today than it did ten years ago As with all growing industries and there is little question that the hedge fund industry continues to grow the landscape dynamics are shifting As the nature of hedge funds and their investors has evolved there have been enormous bifurcations in terms of manager size and strategies We categorise todayrsquo;s universe of managers in the following manner: 1 Institution: Established multibillio
Collateral management hedge funds buckle uphttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2A060D5E-49BC-493F-B6438799C13CF5E3
2007
ldquo;Hedge Funds are no longer prepared to leave it down to the sellside bank or Prime Broker to advise what collateral is required and when they want itrdquo; ldquo;Lately almost all Fund Administration proposal requests seem to include requests for collateral managementrdquo; Why exactly is it that collateral management technology deserves a seat at the alternative investment management table lately and just why is collateral management in general pressing so many buttons nowadays in the indu
Investing in hedge funds: A longterm propositionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DE22FF35-87B9-4F81-BD3DE2577FEE0A6B
2007
Introduction The current size of global hedge fund assets is estimated at USD15 trillion representing a compound annual growth rate in assets of about 40 over the past five years As the hedge fund industry takes on a more mainstream aspect and caters to a broader investor base the question of redemption frequency the length of time that needs to elapse before an investor in a fund can redeem their assets and its relationship to fund performance is becoming increasingly relevant To this end this
Pension funds and hedge fund investing a global paradigm shift by 2010http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/698428B6-1995-4ECF-9E0804B579E3BAD0
2007
Hedge funds are here to stay as a growing component in global institutional portfolios according to recent research by The Bank of New York in conjunction with Casey Quirk amp; Associates ndash; but the investor dynamic is changing Five years ago the hedge fund market was dominated by wealthy individuals and a handful of institutions Today however more than 40 percent of hedge fund flows are institutional This is expected to increase 60 percent from todayrsquo;s 360 million to exceed 1 trillion
A Nordic statistical survey supports the hunch: Motivation structure is the key to hedge fund performancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5CDF89B8-779D-46E8-91453BDF44F939D5
2007
Choosing hedge fund managers who invest in their own fund seems like a good idea It is not difficult to believe that managers who invest their own personal wealth in the fund they manage will strive harder to deliver the highest possible returns combined with the lowest possible risk Of course no two investor temperaments are exactly the same and the question of what makes for a high return with a low risk is also a question of temperament and individual horizon The guarantee of achieving the sa
Banking on hedge funds an overview of hedge fund portfolio financing from a product provider's perspectivehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7A0255A6-63FA-476B-9C37E4C65F80A9D9
2007
Over the course of the last decade bank lending to hedge funds and hedge fund listed products has increased markedly and steadily A wide range of credit providers now compete to gain exposure to the asset class through a diverse offering of products and financing techniques Ten years after Man Investments entered into its first significant external leverage transactions we take a product providerrsquo;s look at why leverage is typically used how banks approach hedge fund lending and some of the
Why quanthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/61172B25-C65F-4422-8128483210B33E81
2007
What is quantitative or ldquo;quantrdquo; investing In short it is where mathematical models rather than managerrsquo;s discretion make investment decisions What do quant managers do apart from running sophisticated computer programs An analogy with cars may help here No matter how sophisticated a car it still needs a driver and sometimes a mechanic The driver must know when to brake and when to accelerate Quant managers provide both functions ndash; they control risks as well as fix things such
The geography of hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0F4F999B-DAEA-4821-9DB9AE02FCBA6A92
2007
This article is the winner of the 2006 AIMA SingaporeINSEAD Research Award which was sponsored by the Chartered Alternative Investment Analyst CAIA Association Does distance affect hedge fund performance Anecdotal evidence suggests that proximity to investments may be helpful for hedge funds Being nearby allows hedge funds to maintain close contact with senior management Fund managers can learn valuable information from other local firms along the supply chain by being on the ground Nearby funds
The importance of portfolio structures in managing riskhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4ACD6DFA-315D-4F97-BD3DB4A7B68B0813
2007
Introduction Much has been written about modern portfolio theory with the emphasis very much on theory Fund management in all its guises is primarily based on trying to predict the future and optimising returns based on these predictions Put another way the outcome in terms of returns should not surprise the investor though they may of course disappoint Any surprise should simply manifest itself in terms of being outside the expected returns based on the portfolio analysis Such surprises either
"Tax changes could force hedge funds abroad" "hedge funds will quit London over tax"http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7CA761E9-501B-4A6A-8467FE9936E23F77
2007
These are all headlines which have appeared in national press and hedge fund publications over the past few months They all refer to the changes in the investment manager exemption IME which were set out in a proposed revised Statement of Practice issued on 20 October 2006 by HM Revenue and Customs HMRC as part of a general consultation This sets out HMRCrsquo;s interpretation of the taxation rules applicable to investment managers and their overseas clients HMRC are considering the responses to
Sharia compliant hedge funds: Legal problems in respect of longshort strategy and the role of the prime brokerhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7C2A7263-389E-4C8E-8963E4059D1F3D86
2007
Islamic investors have historically been prevented from investing in traditional hedge funds with a longshort equities strategy due to the requirements of Islamic law Sharia Investment managers are adapting classic alternative strategies to satisfy Sharia principles Recently a few fund managers have launched Islamic hedge funds applying longshort strategies A traditional short contract is forbidden by Sharia However alternative techniques are available which allow managers to create Islamic hedg
Industry guidancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/63551E17-2452-4640-BD49FC2A7641F905
2007
Background In November 2006 the Financial Services Authority FSA issued its discussion paper 065 entitled ldquo;FSA confirmation of Industry Guidancerdquo; DP The context under which the DP has been issued is the placing by the FSA of more reliance on the eleven Principles for Businesses and highlevel rules The FSA stated that this approach provides firms with greater flexibility to decide how best to meet its requirements encourage greater innovation and align good regulatory practice with good
A DataAnalytic Examination of the Risk in Hedge Funds Returns: The gandh Distributionshttp://papers.ssrn.com/abstract_id=1015472
2007
A Fully Parametric Approach to Return Modelling and Risk Management of Hedge Fundshttp://papers.ssrn.com/abstract_id=958696
2007
A Portrait of Hedge Fund Investors: Flows Performance and Smart Moneyhttp://papers.ssrn.com/abstract_id=773384
2007
An Alternative Approach to Alternative Betahttp://papers.ssrn.com/abstract_id=1035521
2007
Are Funds of Funds Simply MultiStrategy Managers with Extra Feeshttp://papers.ssrn.com/abstract_id=1140824
2007
Asset Management in the UK 2007 The IMA's Sixth Annual Surveyhttp://www.investmentuk.org/press/2007/20070731-01.pdf
2007
Asymmetric Returns The Future of Active Asset Managementhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470042664.html
2007
Automatic for the People Hedge Funds Traditional and Cloneshttp://papers.ssrn.com/abstract_id=1014861
2007
Banana Skins 2006 The CSFI's annual surveyhttp://bookstore.csfi.org.uk/action_260_2006.aspx
2007
Beyond Greed and Fearhttp://www.oup.com/us/catalog/general/subject/Finance/Investments/~~/dmlldz11c2EmY2k9OTc4MDE5NTMwNDIxMw==
2007
Capacity Constraints and Hedge Fund Strategy Returnshttp://papers.ssrn.com/abstract_id=967830
2007
Capital Guide to Alternative Investments in Asia Thehttp://www.booksonbiz.com/estore/index.php?main_page=pubs_product_book_info&cPath=141&products_id=190
2007
Compensation Option Managerial Incentives and RiskShifting in Hedge Fundshttp://papers.ssrn.com/abstract_id=1000939
2007
Conditional Properties of Hedge Funds: Evidence from Daily Returnshttp://papers.ssrn.com/abstract_id=967829
2007
CTAManaged Futures Strategy Benchmarks: Performance and Reviewhttp://papers.ssrn.com/abstract_id=989011
2007
Demystifying Hedge Fundshttp://papers.ssrn.com/abstract_id=992508
2007
Do Hedge Fund Managers Misreport Returns Evidence from the Pooled Distributionhttp://papers.ssrn.com/abstract_id=1018663
2007
Downside Risk Analysis Applied to the Hedge Funds Universehttp://papers.ssrn.com/abstract_id=1003346
2007
Dynamic Hedging Managing Vanilla and Exotic Optionshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471152803.html
2007
Dynamic Linkages between Hedge Funds and Traditional Financial Assets: Evidence from Emerging Marketshttp://papers.ssrn.com/abstract_id=1112247
2007
Financial Leverage: Risks and Performance in Hedge Fund Strategieshttp://papers.ssrn.com/abstract_id=1030400
2007
Fund Liquidation SelfSelection and LookAhead Bias in the Hedge Fund Industryhttp://papers.ssrn.com/abstract_id=1108310
2007
Global Hedge Fund Survey 2007 Navigating New Complexitieshttp://www.ey.com/global/content.nsf/International/Asset_Management_Global_Hedge_Fund_Survey_Insights_Request_Form
2007
Global Investment Reviewhttp://www.watsonwyatt.com/europe/pubs/globalinvestment/default.asp
2007
Global Real Estate Investment Trends and Experienceshttp://www.books.iupindia.org/newarticle.asp?isbn=81-314-0876-0&bookid=IB1101400
2007
Gold as Investment: Instruments and Trendshttp://www.books.iupindia.org/newarticle.asp?isbn=81-314-1207-X&bookid=IB1101476
2007
Guide to Sound Practices for European Hedge Fund Managershttp://www.aima.org/en/document-summary/index.cfm/docid/7233B232-FB84-4126-BEDFE85CFABAA591
2007
Guide to Sound Practices for Hedge Fund Valuationhttp://www.aima.org/en/document-summary/index.cfm/docid/FC269E93-4A10-49D3-AC37B7892762EC23
2007
Have Hedge Funds Added Value During the Last 24 Months A Comparison of Italian and European Funds of Hedge Fundshttp://papers.ssrn.com/abstract_id=1030962
2007
Hedge Fund Investment Through Piecewise Linear Regression and Optimizationhttp://papers.ssrn.com/abstract_id=974421
2007
Hedge Fund Performance Persistence: A Multinomial Approach Application to Asian Hedge Fundshttp://papers.ssrn.com/abstract_id=1087543
2007
Hedge Fund Returns: Auditing and Accuracyhttp://papers.ssrn.com/abstract_id=968717
2007
Hedge Fund Risk Dynamics: Implications for Performance Appraisalhttp://papers.ssrn.com/abstract_id=937972
2007
Hedge Fund: City Business Serieshttp://www.ifsl.org.uk/upload/CBS_Hedge_Funds_2007.pdf
2007
Hedge Funds Alternative Investments Handbook 2007http://www.euromoneybooks.com/product.asp?PositionID=search&ProductID=5895&Catalog=PLC&results_per_page=10&search=The%20Euromoney%20Hedge%20Funds%20&%20Alternative%20Investments%20Handbook%202006&SearchTypeID=&SearchInterestID=
2007
Hedge Funds and the SEC: Observations on the How and Why of Securities Regulationhttp://papers.ssrn.com/abstract_id=984450
2007
Hedge Funds as Activist Shareholders: Passing Phenomenon or GraveDiggers of Public Corporationshttp://papers.ssrn.com/abstract_id=961828
2007
Hedge Funds as Shareholder Activists from 19942005http://papers.ssrn.com/abstract_id=992739
2007
Hedge Funds for Retail Investors An Examination of Hedged Mutual Fundshttp://papers.ssrn.com/abstract_id=891621
2007
Hedge Funds in Corporate Governance and Corporate Controlhttp://papers.ssrn.com/abstract_id=919881
2007
Hedge Funds vs Private Equity Funds as Shareholder Activists Differences in Value Creationhttp://papers.ssrn.com/abstract_id=1015714
2007
Hedge Funds Financial Intermediation and Systemic Riskhttp://papers.ssrn.com/abstract_id=995907
2007
Hedge Funds: Past Present and Futurehttp://papers.ssrn.com/abstract_id=939629
2007
How Hedge Funds Beat the Markethttp://papers.ssrn.com/abstract_id=989615
2007
How Smart are the Smart Guys A Unique View from Hedge Fund Stock Holdingshttp://papers.ssrn.com/abstract_id=924242
2007
Implications of Hedge Funds on the Indian Capital Markethttp://papers.ssrn.com/abstract_id=1016180
2007
Incentives and Risk Taking in Hedge Fundshttp://papers.ssrn.com/abstract_id=1030288
2007
Incentives from Compensation Option and RiskTaking Hedge Fundshttp://papers.ssrn.com/abstract_id=971831
2007
Influences of Hedge Fund Activism on the Medium Term Target Firm Valuehttp://papers.ssrn.com/abstract_id=1019968
2007
Intelligent Commodity Investinghttp://riskbooks.com/intelligentcommodity
2007
Investing in Hedge Funds when Returns are Predictablehttp://papers.ssrn.com/abstract_id=972058
2007
Investing in the GCC Markets: Regional Opportunities and challengeshttp://www.cpifinancial.net/v2/books.aspx
2007
Is Managed Futures an Asset Class The Search for the Beta of Commodity Futureshttp://papers.ssrn.com/abstract_id=1029243
2007
Is There Hedge Fund Contagionhttp://papers.ssrn.com/abstract_id=884202
2007
Liquidity Provision in the Convertible Bond Market: Analysis of Convertible Arbitrage Hedge Fundshttp://papers.ssrn.com/abstract_id=885945
2007
Liquidity Risk and Limited Arbitrage: Are Banks Helping Hedge Funds Get Richhttp://papers.ssrn.com/abstract_id=958305
2007
London's Place in the UK Economy 20072008http://213.86.34.248/NR/rdonlyres/3E0A703C-7DF6-4AFB-BADD-13CFF1D513F6/0/BC_RS_LPUK200708fullreport.pdf
2007
Market efficiency longterm returns and behavioral financehttp://papers.ssrn.com/abstract_id=15108
2007
Measuring Risk in the Hedge Fund Sectorhttp://papers.ssrn.com/abstract_id=1017299
2007
Net Inflows and TimeVarying Alphas: The Case of Hedge Fundshttp://papers.ssrn.com/abstract_id=934047
2007
On the Use of Data Envelopment Analysis in Assessing Local and Global Performances of Hedge Fundshttp://papers.ssrn.com/abstract_id=968052
2007
Optimizing BenchmarkBased Portfolios with Hedge Fundshttp://papers.ssrn.com/abstract_id=988176
2007
Portfolio Construction and Risk Budgeting Third Editionhttp://riskbooks.com/Investor/porfolio-construction.php
2007
Precautions that Pay Off Risk Management and Valuation Practices in the Hedge Fund Industryhttp://www.securitization.net/pdf/Deloitte/Precautions_24Jan07.pdf
2007
Quantification of Hedge Fund Default Riskhttp://www.edhec-risk.com/site_edhecrisk/public/features/RISKArticle.2007-01-24.1044
2007
Quantile Regression Analysis of Hedge Fund Strategieshttp://papers.ssrn.com/abstract_id=1093639
2007
Risk Measures for Hedge Funds: A CrossSectional Approachhttp://papers.ssrn.com/abstract_id=967834
2007
SEC Regulation Outside the United States:A Guide for Governments Corporations and Investors Sixth Editionhttp://riskbooks.com/Operational%20Risk/sec-reg-outside-us.php
2007
Securities Market in Koreahttp://www.ksda.or.kr/UPLOADFILES/Securities%20Market%20in%20Korea%202007%20(KSDA).pdf
2007
Share Restrictions and Asset Pricing: Evidence from the Hedge Fund Industryhttp://papers.ssrn.com/abstract_id=875635
2007
Should You Invest in Emerging Market Hedge Fundshttp://papers.ssrn.com/abstract_id=985547
2007
Solving the Regulatory Puzzle Understanding Private Equity and Hedge Fundshttp://www.tilburguniversity.nl/tilec/meetings/afm/13-02-07/vermeulen.pdf
2007
Some Lessons on the Rescue of LongTerm Capital Managementhttp://papers.ssrn.com/abstract_id=987558
2007
Sound Practices for Hedge Fund Managershttp://www.managedfunds.org/downloads/Sound%20Practices%202007.pdf
2007
State of the Investment Management Industry in Europehttp://www.kpmg.com/Industries/FS/Other/SIMI2007.htm
2007
The Effect of Investor Flows on Hedge Fund Manager Performance and the Decision to Investhttp://papers.ssrn.com/abstract_id=1015420
2007
The Gross Truth About Hedge Fund Performance and Risk: The Impact of Incentive Feeshttp://papers.ssrn.com/abstract_id=1031096
2007
The Operational Risk Manager's Guide: Tools and Techniques of the Tradehttp://riskbooks.com/Executive%20Reports/operational-risk-managers-guide2.php
2007
The Performance of Hedge Fund Strategies and the Asymmetry of Return Distributionshttp://papers.ssrn.com/abstract_id=967833
2007
The Style Consistency of Hedge Fundshttp://papers.ssrn.com/abstract_id=967832
2007
Three Early Lessons from the Subprime Lending Crisis: A French Answer to President Sarkozyhttp://faculty-research.edhec.com/74012297/1/fiche___pagelibre/
2007
Timing Ability in the Focus Market of Hedge Fundshttp://papers.ssrn.com/abstract_id=989608
2007
Trend Following How Great Traders Make Millions in Up or Down Marketshttp://www.pearsoned.co.uk/Bookshop/detail.asp?item=100000000246764
2007
Value Creation or Destruction Hedge Funds as Shareholder Activistshttp://papers.ssrn.com/abstract_id=971018
2007
What Drives the Performance of ConvertibleBond Fundshttp://papers.ssrn.com/abstract_id=967988
2007
Will Hedge Funds Regress Towards IndexLike Productshttp://papers.ssrn.com/abstract_id=989612
2007
Hedge Funds Of Funds: A Guide for Investorshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470062053.html
2007
Guidelines on Disclosure and Promotion of Alternative Investment Funds in Australiahttp://www.aima.org/en/document-summary/index.cfm/docid/5E8E0059-0549-41BF-8E1DB93170D49345
2007
European Retail Structured Investment Products Markethttp://db.riskwaters.com/public/showPage.html?page=books_search_results
2006/2007
Hedge Funds Industry in Australia Data Files Serieshttp://www.aima-australia.org/forms/HedgeFundIndustryAust2006-07.pdf
2006-2007
Alpha is an optionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/65E1A3C8-C976-4CB3-845C789FC539C7D8
2006
For his Statue of David in 1501 Michelangelo used a single block of marble In fact it was a block that had been started upon but abandoned by another lesser talent years earlier At the time everyone thought that this block of marble was ruined that its potential had been exhausted and that nothing further could be extracted from it But Michelangelo took on this discarded block and from it he created one of the masterpieces of all timesFor Michelangelo to sculpt meant to take away not to add bec
Alpha: Victim of regressionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4DB460C0-2ACB-4B3A-B1C32111C4377F25
2006
Much of the Alpha controversy exists because Alpha leads a double life It does an honest job as a concept a convenient label for part of what investors are seeking from their alternative investments However it is also used as a statistic ndash; something for which we can estimate given some historic data with the implicit hope that this historic value relates to both the underlying concept and to future values On paper the process looks simple; just perform a regression in which fund performanc
Focus on the future: Assessing risk and reaching family goalshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B88265BD-6133-4EA4-9D0E71D12C9C4769
2006
When it comes to family wealth what is the secret to success Why do some families achieve longterm generational success while others do not For over 16 years Family Office Exchange FOX has worked intimately with private families and has sought to answer these questions Our findings demonstrate that as with most things in life long term wealth and healthy intrafamily relations are rarely matters of luck Rather they are the results of planning communicating and following through to set and reach f
Regulation is the catalyst for a division in the European hedge fund industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/68192471-773E-48A6-A9B0BD4977995F56
2006
Demand in Europe for hedge fund exposure shows no sign of relenting led by strong institutional asset flows A clear division is emerging between those managers with a business model firmly founded on servicing the assets of highnet worth private clients and those firms targeting this rapidly growing institutional sector Regulation is going to have the single biggest influence on shaping the future of the hedge fund industry Firms seeking to develop business with institutional investors believe i
The arrival of Straight Through Processing in hedge fund of fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/482C17D1-DE87-4DA2-A69B1A1229F79D52
2006
Fund supermarkets in the mutual fund world have revolutionised the way wealth managers can aggregate client investments on a single platform and as a result substantially reduced back office costs The concept of Straight Through Process STP is now regarded as a standard service provision for the vast majority of cost conscience wealth managers In the hedge fund industry the hedge funds are beneficiaries of the investments in STP by brokerage firms exchanges and large asset management firms These
Hedge fund asymmetryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/86A263C2-B823-4A56-91FBC5C3483DC811
2006
Hedge Funds HFs are different from standard investment vehicles because their behaviour is considered as asymmetric in terms of relative performance to traditional stock or bond indices The goal of most HF managers is to capture positive returns in bull markets and avoid negative returns in bear markets This asymmetric pattern warrants us to consider HFs as important and revolutionary vehicles in the asset class universe But how does one investigate the return asymmetry Many academic papers have
The outlook for global interest rateshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B0E3E483-5861-4B1B-B4D510147733C3EA
2006
Figure 1: Key official shortterm interest ratesIntroduction In this article we look at one aspect of the fixed income universe ndash; the sovereign debt market and two aspects of that universe Firstly we analyse the likely future direction of policy rates in four major markets ie the United States Japan the Eurozone and the United Kingdom Secondly we assess what Alan Greenspan called the rdquo;conundrumrdquo; of low longterm interest rates As we can note from the above chart the current tighetni
The tortoise vs the hare: The role of term structure vs spot price trends in determining commodity futures returnshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FE3ECDDD-542B-4E58-B7799E4F3019DB41
2006
In the past even if spot commodity prices declined a commodity futures investor could still have a positive statistical expectation of profit and that has been through the ldquo;roll yieldrdquo; embedded in certain commodity futures contracts When a nearmonth futures contract is trading at a premium to more distant contracts we say that a commodity futures curve is in ldquo;backwardationrdquo; Conversely when a nearmonth contract is trading at a discount to more distant contracts we say that the
Recent developments in the Credit Default Swap markethttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5C3BD37B-39DF-4C14-A7CDC0EC51CE21F6
2006
Introduction and market overview Recent surveys of the credit derivatives market by ISDA and the British Bankers Association BBA suggest that outstanding transactions are now above US 20 trillion This exceeds even the most optimistic forecasts made by informed market commentators Part of this performance can be attributed to the same market drivers that year on year have contributed to the marketrsquo;s exponential growth: bull; the inefficiencies of the credit markets; bull; the need for banks
Evaluating market exposures of funds of fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EBBB4E98-E64B-4EEB-9F34871B77AFAB5B
2006
Introduction In todayrsquo;s market there is a wide range of Fund of Funds FoF competing for investorsrsquo; capital Many investors are concerned about directional exposure to underlying markets when making a FoF investment decision To make a comprehensive investment decision an investor should evaluate the historical performance to assess what underlying exposures the FoF has and whether it fits into the existing portfolio Using a multifactor model approach can shed some light on what the main
Shareholder activism in the Netherlands: An updatehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9A31F0F0-BB41-4481-B80FE0A38687E235
2006
Introduction Over the last couple of years shareholder activism has become a hot topic in the Netherlands During recent months there have been even further developments Shareholder activism includes various actions initiated by shareholders towards listed companies usually because they are dissatisfied with certain decisions or the strategy followed by the company and they believe shareholder value can be increased Recent examples include Versatel CSM VNU Stork ASMI and Ahold Examples for the ne
Managing tax risk on Qualified Foreign Institutional Investor QFII regime in Chinahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BFC8F9C1-BCCA-4341-B94CAAC1DEEB20B3
2006
In 2002 the Peoplersquo;s Republic of China PRC government granted foreign institutions full access to Chinarsquo;s capital markets through the QFII scheme Since then it has brought hope and excitement to foreign fund managers insurance companies securities companies etc which are eligible to apply for approval as a QFII in China As of September 2006 the PRC authorities have approved 50 QFIIs with a total investment volume of US 8billion Typically QFIIs are allowed to invest in the Renminbidenom
New strategies for hedge funds under UCITS IIIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5D5B2DAF-FC89-427B-964608BBA18502D1
2006
Why would a number of hedge fund managers be asking about potential product opportunities offered by UCITS1III A UCITS III fund is specifically designed for panEuropean distribution to retail investors and has quite onerous investment restrictions which most hedge fund managers would find hard to live with However one of the many benefits of the product is that you get regulatory approval to establish such a fund in one European Union EU member state such as Ireland or Luxembourg You can market
Replacement of the law of 19 July 1991 concerning institutional funds: Proposal for a new law on Specialised Investment Funds Luxembourghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7D593EBA-AFF1-4E5D-9C9F2A88504C5C94
2006
Luxembourg is about to adopt a new investment vehicle in replacement of the existing institutional fund This new vehicle will offer greater flexibility in terms of corporate structure and a lighter prudential regime Besides the scope of eligible investors will be widened so as to cover not only institutional investors but also other types of wellinformed investors including sophisticated private investors On 5 October 2006 the Luxembourg government deposited with Parliament a bill on specialised
Business continuity management for hedge fund managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F0A4D6B3-4AAA-455F-955AB41338470275
2006
Everyone knows that it is important to plan for disasters The very useful site wwwlondonpreparedgovuk fires out statistics: ldquo;Eighty percent of businesses affected by a major incident close within 18 months; 90 of businesses that lose data from a disaster are forced to shut within 2 years; 58 of UK organisations were disrupted by September 11th and one in eight was seriously affectedrdquo; Interviews of local businessmen following the UKrsquo;s Buncefield oil depot fire illustrated how catas
Risk management practices within three leading commodity hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4483E7AE-E030-4CE8-9BCB1175670925D1
2006
Analysts estimate that there are over 250 hedge funds that trade commodities Unparalleled volatility and trading volume make commodity markets attractive to professional traders However commodity markets also present unique risk management and operational risk challenges Failure to address these challenges could result in significant losses of investor capital Summary and key observations The purpose of this study is threefold: firstly to provide a glimpse into how leading commodity hedge funds
Alternative investment community embraces sound practiceshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/817A0395-926D-43C9-B91156AF3946BA57
2006
When it comes to the business of running a hedge fund sound practices do matter and are being broadly implemented by fund managers across a wide variety of investment and operational realms These findings emerge from a recent survey of alternative investment professionals conducted by Horizon Cash Management Backgroundmethodology This survey conducted online via an independent market research firm The Guild Group an Austin TXbased company that specialises in online surveys was fielded in AprilMa
Fund corporate governance is your corporate secretary doing enoughhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CDAC23C9-9F4B-4622-88D2268D79AFC4B6
2006
Much has been written about the growing importance of proper corporate governance practices in the alternative investment industry and the importance of directors properly discharging their fiduciary duties to fund investors Comparatively little consideration has been given to the role that a fundrsquo;s corporate secretary plays in effectively implementing those corporate governance policies for the benefit of the fund and its directors The expertise and specific industry experience of the corp
Hedge fund operational risk: Meeting the demand for higher transparency and best practicehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EEB25D21-C625-4242-A5CA29556ADA3CBF
2006
Hedge fund managers have long been aware of the need for investors to conduct thorough due diligence when assessing the merits of their investment strategy Over the past few years there has been an increasing focus on operational due diligence due to the increasing inflows of institutional capital into hedge funds and some wellpublicised fraud cases that have caused losses even for some of the most sophisticated investors in the industry Regulators are also focusing their attention on hedge fund
Equity market neutral hedge fund return drivershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/91EEB3A0-B3CA-45FA-B8644A5CC16BE6C4
2006
This study aims to better understand what drives the returns of the lsquo;classicrsquo; hedge fund style: equity market neutral strategies If such strategies are able to exploit market inefficiencies then these strategies should provide significant outperformance after adjusting for risk Measures of market beta should not be significantly different from zero Similarly any other betas relative to various lsquo;exposuresrsquo; or factors should not be significantly different from zero In order to
Action against market abuse a key FSA priorityhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C365A4D2-490E-437E-82FBB258BEF11D7D
2006
The UK Financial Services Authority FSA has made it very clear that it is committed to taking firm action against market abuse Hedge funds now under increased scrutiny by the FSA should be particularly alert to this Hector Sants the FSA's Wholesale and Institutional Markets Managing Director has said that the FSA will ldquo;carry out proactive surveillance rather than simply waiting for cases to be reported to us by exchanges or other market participantsrdquo; and that already this year it
Financial Instruments and Exchange Law of Japanhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B8AD4581-ECCA-48D4-80184808E0D7D863
2006
Introduction In June 2006 the Financial Instruments and Exchange Law of Japan quot;FIELquot; submitted by the Financial Services Agency quot;FSAquot; to the Japanese legislature the Diet was enacted and will take effect during 2007FIEL represents a significant change to the financial regulatory regime in Japan unifying existing concepts to provide a more comprehensive and uniform regulatory regime for financial products and services generally as well as expanding the regime to cover new products
Regulatory reform roundup Australiahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/112FD6EF-3F65-4523-AE730F61FDD0AB71
2006
Introduction After what some saw as a slight lsquo;breatherrsquo; during 2005 the pace of regulatory reform in Australia has redoubled during 2006 Many of the reforms will have farreaching implications for all areas of the financial services industry and the reforms outlined in this article will impact directly on hedge funds and hedge fund participants who have relevant connections with Australia Scope of this article We shall outline changes in the following areas: bull; AntiMoney Laundering a
Principlesbased approaches to training and competencehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/990FFFE4-D5A5-455D-994CDB27527841DD
2006
For almost 20 years those acting as investment advisers for UK authorised firms have had to pass tests on basic regulatory and technical knowledge These exams such as the Securities amp; Investment Institutersquo;s Certificate contain questions such as these: Answers are at the end of the article 1 A customer asks what exercise style LIFFE Euronext UK stock options have Your reply would be: A European B American C All American except FTSE 100 D American and European 2Under which ONE of the follo
Hedge funds in the media: Perception vs realityhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CEAEBFEF-1605-410B-B31571B4534475AB
2006
Late last year AIMA and senior hedge fund industry figures decided that commonly held external misperceptions about the hedge fund industry needed to be addressedThe rationale is thus: Because of the enormous yearonyear growth of the industry in 1990 there were 530 hedge funds worldwide there are now close to 10000 the media will be unrelenting in its coverage of hedge funds Avoiding the press is not viable Instead the industry must learn how to manage it optimallyA smart move Seldom has the p
A good fraud is hard to findhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D6CB447A-A5BC-425D-9015730A5578D17D
2006
I am a firm believer in the theory that it would be nearly impossible to identify a wellorchestrated fraudulent hedge fund scheme in time to prevent the fraud That said most of the recently reported hedge fund frauds have been far from wellorchestrated In many cases the most basic level of due diligence would have exposed these investments as being unsuitable or at the very least questionable I have always been willing to walk away from a hedge fund manager with the potential for high returns if
Institutions get satisfaction with hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0AFF2F8F-F45A-476D-88B041B6F8670213
2006
Alternative investments have steadily gained broader appeal among institutional investors reaching far beyond the domain of US foundations and endowments which constituted the early adopters of these strategies All signs indicate that this will continue for the foreseeable future The rationale behind the success of alternative investments is investor satisfaction According to the results of a recent study conducted by State Street Corporation in conjunction with the 2005 Global Absolute Return C
Private equity investing by hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1F1E7AC9-CEB5-483D-92CF36F5CB27AD49
2006
With all of the merger talk these days SBC Communications and ATamp;T Merck and Schering to name just a few a noteworthy merger is taking place in the alternative investment industry that could change the face of alternative investing and capital markets for years to come Often called lsquo;convergencersquo; this merger is a blending of the hedge fund investment model with the private equity investment model and is being driven by the dynamic changes taking place in the hedge fund industry Cur
Risk estimation in an 'information semivacuum'http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C97CF30F-B98B-4972-B5E66D08E500AA19
2006
In what follows we suggest a way to estimate hedge fund market risk in the absence of full portfolio information The method starts with a typical exposure profile available from a fund manager and then makes a range of general but reasonable assumptions regarding individual instruments and their interactions within the fund portfolio The method estimates fund volatility by capturing the two main contributions to the latter: pure market beta risk and idiosyncratic risk of individual stocks exacer
Hedge fund risk drivers from a fund of funds perspectivehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C8D43AEB-C79F-4293-9211E9E06B63E844
2006
Hedge fund performance track records have the ability to hide a multitude of sins where risk analysis and potential worstcase losses are concerned In this article we consider the use of factorbased models to provide a more realistic understanding of potential risks In contrast to longonly fund management where investment strategies are often tethered to benchmarks and usually employ linear trading strategies hedge funds can invest in a vast range of opportunity sets through a wide array of instr
Hedge funds in a Shariacompliant portfoliohttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/55EA6AB6-6113-414F-90570B50C91D902B
2006
The restrictions imposed by Sharia have meant that Islamic investors have faced a limited number of asset classes that they have been permitted to invest in Most of the permissible assets property venture capital etc have been at the riskier end of the spectrum However the majority of Islamic investors have been risk averse for a number of reasons including assetliability matching and innate conservatismAs a consequence a very high proportion of Islamic money is held in Murabaha based money mark
An option on Russia's futurehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2D858755-DA47-4EE3-9C934F91B59617B5
2006
The Russian market has been growing and expanding rapidly over the last years Valuations have risen and liquidity has much improved The free float probably now exceeds 175 billion and combined daily turnover often exceeds 3billion As equities are testing new highs and yields and spreads are at record lows the scope of products in the Russian market is also expanding very fast Volumes in Russiarsquo;s derivatives market are picking up exponentially both in the listed and OTC segments Most of the
Differentiating fixedincome performance with portable alphahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8C816D14-C93A-415A-8C4E7367D98B9A5F
2006
Recent studies suggest that substantial amounts of money are likely to continue to pour into alternative investments However the source of the capital inflows appears to be shifting rapidly Previously wealthy individuals were the main source of new funds Now funding is increasingly institutional Capital inflows from endowments pension funds and foundations are soon expected to account for up to 50 of the net new money into hedge fundsThe shift in the balance of funding sources is likely to have
How reliable are hedge fund selfcategorisationshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9B7C52AC-E333-4E9B-A478A2AB47826192
2006
A common approach in categorising hedge funds is for the funds themselves to do the selecting This is largely because no outside party has ongoing access to the portfolio holdings of hedge funds across the entire investment universe In the absence of such systematic information it is understandable that most databases rely on hedge funds to provide their own selfselected categories Such a process raises questions about consistency Do all hedge funds use the same descriptors in similar fashion Or
The alpha and beta of managed FXhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7133CC76-16EB-45ED-BD9D5BAA2E6AFFB5
2006
As one finds in any asset class the foreign exchange world has fostered a variety of distinct styles and strategies This article will attempt to make some sense of the style classes available within the FX realm today More importantly we will also explore what value can be added by understanding the differences among these styles Being armed with a good understanding of a managerrsquo;s style gives the portfolio manager a clear advantage one that can help overcome the drawbacks of optimisation M
Portfolio diversification with gold silver and platinum bullionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2C120B34-6265-45EC-BD093C69D50896A0
2006
Gold is on the rise It recently surpassed 645 per ounce an increase of more than 140 from its low of 254 As of mid2005 it has increased approximately 30 in all currencies and is no longer simply reflecting USdollar weakness Media coverage attributes these increases to supply shortfalls geopolitical concerns rising oil prices inflation fears and US financial imbalances The reports typically focus on trading implications since most investors and analysts think of gold as a shortterm speculative tr
Offshore funds exempted from Hong Kong profits taxhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EEC616BF-A336-40A5-8DD7140783682993
2006
March 1 2006 was a big day for the fund industry fund managers and investors This was the day that the Revenue Profits Tax Exemption for Offshore Funds Bill 2005 the lsquo;New Lawrsquo; was enacted into law The New Law has been long awaited The then Financial Secretary Antony Leung in giving his 200304 Budget Speech openly said that the Government intended to amend the tax legislation to exempt offshore funds from Hong Kong profits tax in early 2003 After three years of waiting the tax legislati
Hedge fund regulation in the Cayman Islandshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/15C00C5D-B27A-4859-B5B1242E17CB41A4
2006
There has been a great deal of debate in the United States and England recently as to whether hedge funds should be subject to increased regulation From a Cayman Islands perspective the success of the domicile in attracting hedge funds and the limited number of failures bears testimony to the effectiveness of the current regulatory systemEmphasis is placed on the statutory requirement for full and proper disclosure in the offering document of all information necessary to enable a prospective inv
France: the onshore hedge fund industry a prime broker's perspectivehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/834B3BE1-B2CD-4DBB-8D598D17262452A6
2006
In September 2005 the first international prime broker was appointed in respect of an onshore collective investment scheme in France ndash; an OPCVM Organisme de Placement Collectif des Valeurs Mobiliegrave;res following implementation of Decree No 2005875 of 25 July 2005 The recent development of the French market for onshore hedge funds is supported by the adoption of a new regulatory and legal framework The evolution of this local law regime and its pragmatic implementation by the Autoriteac
Are offshore funds the best vehicle for US investorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/737FB842-CC06-44FA-826E4AF54DE2D65A
2006
As nonUS fund managers begin to attract US taxable investors they should consider the potential advantages of remaining structured as a single standalone offshore fund rather than following conventional wisdom and restructuring as a masterfeeder structure As this article illustrates there are potential tax benefits to be gained as well as cost considerations Despite growth of potential hedge fund investors globally and the many regulatory requirements of the United States the US hedge fund inves
Real Estate Investment Trusts in Japanhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/695AD80C-6F73-4C80-9A5FBFD1DCA84C1B
2006
As a foretaste for the potential of UK REITs for investors and asset managers this article briefly outlines the JREIT market in Japan which has grown exponentially over the five years since inception providing a diversified alternative real estate asset class for retail and institutional investors and contributing to the upturn in the Japanese real estate market What are REITs Real Estate Investment Trusts ldquo;REITsrdquo; are investment trusts with real estate as their underlying assets Income
The market was tougher in 2005 but Asia contined to grow fasthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EE864409-E7D1-4C95-B06EDCE8ECC14FB1
2006
The US By Sarah Wood Absolute Return The year 2005 will be remembered as a sobering one in the US hedge fund industry After several years during which talented managers seemed to be able to raise more capital than they could run though wordofmouth alone the task suddenly became more arduous and assets at many solid funds actually fell Likewise managers had to work harder than ever to eke out decent returns and most prepared to hang up their hitherto freewheeling ways to become governmentregulate
The role and responsibilities of offshore directors of hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/19FC78BF-46A5-4014-A864CB84664D0C1C
2006
The hedge fund industry has grown in size and stature as more and more financial institutions allocate assets to the industry This institutionalisation has coincided with ndash; indeed has helped to develop ndash; an enviable professionalism amongst fund managers and service providers One area where the impact of professional standards and attitudes is apparent is that of independent directors of offshore hedge funds Until relatively recent times independent directors tended to be selected on th
The key to independent fund of funds valuationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F24B672D-EF09-4451-8BD4919044117642
2006
The recent AIMA Study lsquo;Asset pricing and fund valuation practices in the hedge fund industryrsquo; thoroughly addresses critical aspects of the practice of independent pricing of hedge fund portfolios and the diverse challenges it presentsAlthough different issues are associated with independent portfolio valuation for funds of funds the same fundamental practice applies The administrator needs to collect the underlying hedge fund price information independently from the FoF investment mana
Hedge funds in Italy: An updatehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4E211FB5-FEE2-480C-868576C66BA41EA5
2006
The Italian hedge fund industry continues to grow As of December 31 2005 it reached euro;17 billion in assets under management ndash; an increase of 44 over the end of 2004 when total assets under management were euro;118 billion see Figure 1 Figure 1: Italian hedge funds industry asset growth Data in billion Euro Source: MondoHedge Currently 34 speculative SGR Societagrave; di Gestione del Risparmio or asset management companies dedicated exclusively to hedge funds manage 161 funds compared wit
The rules of the longterm gamehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/42B12E7F-8092-4206-B516D200CF954BD3
2006
Shorttermism as all but a few dedicated speculators know is the scourge of the investor seeking significant and durable returns To be fair some members of the traditional equity investment community learned this key message a long time ago Speaking in the 1920s for example the notorious stock operator Jesse Livermore commented that: ldquo;It was never my thinking that made me money but my sitting tightquot; Seventy years later the now legendary former head of Fidelityrsquo;s Magellan Fund Peter
The proof is in the workflowhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5F3F9A22-BD5A-4C5C-883184B902775825
2006
Technology tools have much to offer to the alternative investment world whether in mitigating operational risk or creating competitive advantage in trading Fund management companies are spoilt for choice when it comes to software that helps them maximise efficiency but choosing functionality is the easy part More difficult and often not considered until it is too late is the task of choosing tools that already interface with each other and integrating them into a fully efficient work flow plan T
The benefits and costs of illiquidityhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/86FF5F77-EF00-49F7-A993C62B97BA57A9
2006
Illiquidity is a common feature of alternative investments whether one chooses venture capital private equity or hedge funds For hedge funds the illiquidity can arise from the contracts an investor enters into which may have one year or longer lockups or it can arise from the type of investments that a hedge fund specialises in A hedge fundrsquo;s investments may include overthecounter derivatives instruments which may be difficult to value or smallcapitalisation stocks which may trade infrequen
The flow of smart money a comparative analysis of longshort equities vs longonly absolute return fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0770BAF9-E00A-4B4A-94B1D586C78CACFE
2006
The Eurekahedge database has now grown to cover more than 200 longonly absolute return funds ARFs that together represent in excess of 27 billion in managed assets Longonly ARFs are a recent addition to the alternative investment landscape and have grown in both size and number over the past few years Their increasing popularity among institutional investors is driving more hedge funds ndash; leveraging on their presence and experience in the equity markets ndash; to launch longonly products Als
Exchangetraded derivatives in hedge fund managementhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A6C75C34-375B-498B-A8B4648BA04A83EE
2006
Volumes on the worldrsquo;s futures and options exchanges appear to be slowing down given that across the board the percentage increase in volume is in the low single digits However when one digs deeper it is apparent that some major products continue to see a 1520 volume increase if not more What is driving this volume increase and should the market expect to see continued development At the annual Futures Industry Association Expo in November 2005 Richard Berliand Global Head of Futures and Op
Managed futures and varying correlationshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9DAFFF84-3C8A-4D2A-A296BEB81D6962F4
2006
Managed futures or CTAs is an alternative investment strategy characterised by its ability to take either long or short positions efficiently in a wide variety of global markets; by historically low correlations to both traditional and other alternative investment strategies; and by the potential to provide portfolio diversificationIn a fully diversified portfolio any allocation to managed futures is determined by their potential for enhancing returns reducing volatility and reducing downside ri
The impact of macroeconomic information announcements in Australia on interest rate future priceshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5E52C49C-5C2E-4674-AF811B1B355AE3E8
2006
In Australia macroeconomic information announcements occur on approximately 45 of trading days Consequently they may be one of the most important contributors to price adjustment in futures markets This paper reports the results of research which examines 27 different classes of macroeconomic announcements that are made at 1130 am and seeks answers to two questions1 What types of macroeconomic information have the largest impact on futures prices on announcement 2 How long does it take the marke
Low volatility funds of hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DCD82710-282F-47B9-942361AFB5C6CDB8
2006
Low volatility funds of hedge funds have become more and more popular in the last few years as greater numbers of institutional investors and pension funds enter the alternative asset management environment Indeed in a world of low interest rates institutional portfolio managers have found in this investment area an original way to achieve their assetliability driven management goals Moreover it is important to note that low volatility FoFs are usually set up as principalprotected securities lik
Credit correlation and credit volatilityhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/392B81B4-10ED-4F0F-8779F3FA0E5675AF
2006
Credit derivatives such as Collateralised Debt Obligations CDOs have become extremely popular as they represent a straightforward vehicle for credit correlation trading Even if an accurate and consensual modeling of credit correlation is still not available Gaussian copula models ndash; also known as market models directly calibrated on single tranche synthetic CDOs implied correlations are of very common use These models provide a very natural framework using correlation matrices and Gaussian
Jumping the German tax hurdlehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/571F5CCB-ECF2-4514-8297E86594A846FC
2006
At the same time as the German Investment Act Investmentgesetz InvG was introduced in January 2004 Germany also saw the enactment of the new Investment Tax Act Investmentsteuergesetz InvStG Irrespective of whether a hedge fund is offered by way of ldquo;private placementrdquo; or ldquo;public offeringrdquo; and whether it is a German or nonGerman hedge fund all hedge funds aimed at investors resident in Germany must comply with the German tax requirements in order to be attractive to German in
New Spanish regulation on hedge fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F100BC83-F33F-4521-94E62ED6A6B8A51F
2006
On November 4 2005 the longawaited Spanish Collective Investment Institutions Regulation subsequently the ldquo;Regulationrdquo; was finally approved This Regulation introduces for the first time in Spanish legislation both hedge funds free investment collective investment institutions ie single manager funds and funds of hedge funds funds of free investment collective investment institutions ie multimanager funds providing a regulatory framework that is expected to permit the growth of hedge
Retail hedge funds in Hong Kong and Singaporehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BF0FCDC1-4E3F-4478-92216FB685A862FB
2006
In May 2002 the Hong Kong Securities and Futures Commission SFC issued its guidelines governing the authorisation of hedge funds for public distribution in Hong Kong On November 28 2002 the SFC announced the authorisation of the first three hedge funds: one fund of hedge funds FoF and two single strategy hedge funds Concurrently the SFC also released the Guidelines on Hedge Funds Reporting Requirements and investor educational materials on hedge funds Since then 10 further funds have been approv
Are your funds really nonUK residenthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8C089A49-C455-43EA-9DF17B03A86EDF45
2006
This article looks at some common problems that could bring into question the tax residence of an offshore entity Most UK hedge fund managers will have sought tax advice and will be fully aware of the need to ensure that the offshore funds in question are managed and controlled outside the UK This advice applies equally to any other offshore entity within the fund or management structure including offshore management employment or marketing companies Based on this advice the funds will have a ma
2005 Business Benchmarking Survey: LongTerm Incentive Alignment Drives Successhttp://www.caseyquirk.com/docs/whitepapers/06.07_WP_BusBnchmrki_185797.pdf
2006
A Conditional Approach to Hedge Fund Riskhttp://papers.ssrn.com/abstract_id=1113042
2006
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This article is the winner of the 2005 AIMA Canada Research Award which was sponsored by JCClark and RBC Capital Markets Hedge funds have existed since the 1960s but remained under the radar screen of the general public and most investors until 1998 when Long Term Capital Management lost 92 of investor capital Since that time sophisticated individual investors and institutions have continued to earn consistent and sometimes substantial returns from hedge funds but the general perception among mo
India is it for real this time aroundhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1FC5D1E5-EF83-442A-B2C42534A5E4F83E
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The BSE Sensex the benchmark of large cap Indian stocks has climbed vertiginously past 8000 an appreciation of almost 80 from the troughs of 4505 on May 17 2004 Foreign Institutional Investors FIIs have poured close to 17 billion into the Indian equity markets since January 2004 more than 44 of the cumulative foreign flows since the markets were opened to foreign investors in 1993The Indian market is in the grip of euphoria often seen in the past 15 years always holding promise but seldom failin
Are hedge funds suitable for individual investorshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B8487A3F-F8FA-476D-AED73A6C0AE7A235
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Hedge funds have long played a material role in the investment portfolios of ultra high net worth individuals in the United States There has been a metamorphosis in hedge funds since Alfred Winslow Jones pioneered the concept back in 1949 Initially hedge funds were designed to be focused on returns first and risk second As more and more institutions have made their way into the marketplace the emphasis has shifted from being returnfocused to riskfocused This shift ironically has made hedge funds
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Market Neutral Investing LongShort Hedge Fund Strategieshttp://www.ordering1.us/bloombergbooks/product.php?sid=1&ccamp=GOOGLE&pid=36
2000
Measuring the market impact of hedge fundshttp://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VFG-40GJDM5-1&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=4d40bb9608d8297a472b044195e5c5c6
2000
Performance Evaluation of Hedge Funds With Optionbased and BuyandHold Strategieshttp://facultyresearch.london.edu/docs/hf3.pdf
2000
Private Equity and Venture Capital: A Practical Guide for Investors and Practitionershttp://www.euromoneybooks.com/product.asp?PositionID=search&ProductID=3769&Catalog=PLC&results_per_page=10&search=Private%20Equity%20and%20Venture%20Capital:%20A%20Practical%20Guide%20for%20Investors%20and%20Practitioners&SearchTypeID=&SearchInterestID=
2000
Risk Management Lessons from LongTerm Capital Managementhttp://www.blackwell-synergy.com/doi/abs/10.1111/1468-036X.00125
2000
The Prudent Investor's Guide to Hedge Fundshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471323365.html
2000
Asset Pricing and Portfolio Performance: Models Strategy and Performance Metricshttp://db.riskwaters.com/public/showPage.html?page=book_page&tempPageName=153713
1999
Benchmarking Commodity Trading Advisor Performance with a Passive FuturesBased Indexhttp://cisdm.som.umass.edu/indices/passivecta/ctastylebenchmarks.pdf
1999
CTA Survivor and Nonsurvivor: An Analysis of Relative Performancehttp://iijournals.com/JAI/default.asp?Page=2&ISS=8166&SID=318918&S=JAI
1999
Getting Started in Technical Analysishttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471295426.html
1999
Global Investment Risk Managementhttp://www.mhprofessional.com/product.php?isbn=0071353151
1999
Hedge funds leverage and the lessons of longterm capital managementhttp://www.ustreas.gov/press/releases/reports/hedgfund.pdf
1999
Maximizing Utility with Commodity Futures Diversificationhttp://www.iijpe.com/JPM/default.asp?Page=2&ISS=8263&SID=319753&S=JPM
1999
Natural Gas Hedging: Benchmarking Price Protection Strategieshttp://riskbooks.com/Energy%20and%20Commodities/Natural-Gas-Hedging.php
1999
Operational Risk and Financial Institutionshttp://riskbooks.com/Operational%20Risk/Op-Risk-and-Financial-Institutions.php
1999
Quantitative Analysis of Hedge Fund and Managed Futures Return and Risk Characteristicshttp://cisdm.som.umass.edu/research/pdffiles/multifactor.pdf
1999
Risk and RiskBearinghttp://riskbooks.com/Investor/Risk-and-Risk-Bearing.php
1999
The Performance of Hedge Funds: Risk Return and Incentiveshttp://www.afajof.org/journal/abstract.asp?ref=0022-1082&vid=54&iid=3&aid=129&s=-9999
1999
Against the Gods: The Remarkable Story of Riskhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471295639.html
1998
Bond Managers need to Take More Riskhttp://www.iijournals.com/JPM/default.asp?Page=2&ISS=10111&SID=409634&S=JPM
1998
Fundamentals of Hedge Fund Investing A Professional Investor's Guidehttp://www.mhprofessional.com/product.php?isbn=0070135223
1998
Performance Persistence for Managed Futureshttp://search.ssrn.com/abstract_id=113691
1998
Buying and Selling Volatilityhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471968846.html
1997
Maximum Adverse Excursion: Analyzing Price Fluctuations for Trading Managementhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471141526.html
1997
Merton Miller on Derivativeshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471183407.html
1997
New Market Timing Techniques: Innovative Studies in Market Rhythm Price Exhaustionhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471149780.html
1997
Trading the Plan: Build Wealth Manage Money and Control Riskhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-047116979X.html
1997
Commodity Derivatives and Financehttp://www.euromoneybooks.com/product.asp?PositionID=search&ProductID=484&Catalog=PLC&results_per_page=10&search=commodity%20derivatives%20and%20finance&SearchTypeID=&SearchInterestID=
1996
Managed Trading Myths Truthshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471020575.html
1996
The Persistence of RiskAdjusted Mutual Fund Performancehttp://papers.ssrn.com/abstract_id=6656
1996
Trading Without Fear: Eliminating Emotional Decisions with Arms Trading Strategieshttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471137480.html
1996
Fundamental Analysishttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471020567.html
1995
Momentrum Direction and Divergencehttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471027294,descCd-authorInfo.html
1995
Returns from Investing in Equity Mutual Funds 1971 to 1991http://www.afajof.org/journal/jstabstract.asp?ref=11521
1995
Technical Analysishttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471020516.html
1995
The New Market Wizards: Conversations with America's Top Tradershttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471132365.html
1995
New Science of Technical Analysishttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471035483.html
1994
The Alchemy of Finance Reading the mind of the markethttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-0471043133.html
1994
Market Volatilityhttp://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=4889
1992
Portfolio Selection: Efficient Diversification of Investments Second Editionhttp://eu.wiley.com/WileyCDA/WileyTitle/productCd-1557861080.html
1991
Efficient Capital Markets: A Review of Theory and Empirical Workhttp://www.afajof.org/journal/jstabstract.asp?ref=8150
1970
Ernst Young Global Hedge Fund Survey 2010http://www.ey.com/Publication/vwLUAssets/2010-global-hedge-fund-survey/$FILE/Hedge%20fund%20survey_v14%20FINAL.pdf
Guide to Sound Practices for Hedge Fund Administratorswww.aima.org/filemanager/root/site_assets/sound_practice_guidelines/aima_guide_to_sound_practices_for_hedge_fund_administrators_september_2009.pdf
Guide to Sound Practices for Funds of Hedge Funds Managershttp://www.aima.org/en/document-summary/index.cfm/docid/1F32CEE6-B8B8-493D-9D687A28B7664B7C
Ernst Young 5th Annual Global Hedge Fund Survey 2011http://www.ey.com/Publication/vwLUAssets/2011_survey_highlights:_global_hedge_fund_market/$FILE/Hedge%20Fund%20Survey%202011_FINAL.pdf
AIFMDhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/79DA6887-9B42-4599-8DB56F4B5A95C90B
CRDhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/49B656EB-FE77-4738-8F1053A63B3F3548
Dodd Frank Acthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/88F7386C-103E-4AF7-9CA74F70597ACF7F
EMIRhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/57A55D38-FFEC-4287-B2E9321EEE5147ED
MAD MARhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B5A4B301-C505-4288-89DED9646A62FAB5
MiFID Portalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A8DAE997-4443-4131-BE408235854ECC0B
Remunerationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C13526AB-3261-4D0C-9DCBCD0C3861BC79
Shadow Bankinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C53E5455-5BC9-4EAE-A14F9BD59FC6295C
Short Sellinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/35022738-8474-48DE-9A321404442A4A42
Solvency IIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/28DA3267-C269-41C9-A378DFCAA7CEA259
UCITShttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2C77B67C-7677-4A88-9DF101BBC076ED91
US Registration and Reportinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/58EEDA70-2298-4C65-9D84279C95250938
Volcker Rulehttp://www.aima.org/en/regulation/key-topics/volcker-rule.cfm
AIMA Guide to Media Relations for the Hedge Fund Industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CBD3C321-9C59-4420-8BA08021BD6788D5
AIMA Guide to Selecting a Prime Brokerhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/42F681CB-BCFF-4522-898BCE101514EA10
AIMA Journal Fourth Quarter 2011http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D933EF7B-1C10-4E2D-A7EE413DC5B0F5C9
AIMA Research Note Financial Transaction Taxhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/304FCE5C-2A3B-499B-9D16110EF4794F7F
AIMA Research Paper The Role of Credit Hedge Funds in the Financial System: Asset Managers Not Shadow Bankshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7BB07C3B-01F4-40F8-9A6A2742790DAEE4
Centre for Hedge Fund Research paper The value of the hedge fund industry to investors markets and the broader economyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B6F40399-33D0-4675-9EA6FA8F0DEB104C
AIMA KPMG report The evolution of an industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/85F0B560-FD96-44D3-BC10C5FFE2A640AD
AIMA Journal Q2 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C23628D8-FAE6-4163-BD8C27D486358168
AIMA Guide to Sound Practices for Business Continuity Management 2012 Editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CC567CCC-DD62-4DFF-AFBA76681F37A666
German language paper on social and economic value of hedge fund industryhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C041B0B5-C443-4D6F-9F5156E6F5AA9FD1
AIMA Research Committee Paper: Methodological mathematical and factual errors in 'The Hedge Fund Mirage'http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1F9400B4-F89C-40D8-8B7E5C0653F48A50
AIMA Journal Q3 2012 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E412AF4F-01C5-4500-B3D641DCFB0EBEFF
AIMA Journal Q4 2012 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0C5A88A8-8733-42D3-8DCF57ABFCD0437D
AIMA Review of the Year 2012http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0FCE2998-5ED9-4ACF-8345FE5B233CF9DD
AIMA Journal Q1 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7A85FD9D-8F65-40F7-ABC9801B25BD73CD
AIMA Journal iPad 'app'http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DD1FD9A0-6FE1-44F9-9B65A4DB51472DBE
AIMA's Contributing to Communities reporthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/98979A30-6940-4B9D-8AB9C05E29179F57
AIMA seeks Regulatory Manager Asset Management Regulationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C6940C00-72E6-46B9-8BC678C87C4D2EA6
Beyond 6040 The evolving role of hedge funds in institutional investor portfolioshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7B6E4E6A-B71A-4327-BBD5C701D9FFB7C4
AIMA paper highlights areas for deeper international coordination of OTC derivatives regulations CFTChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EC24F8E5-C915-4326-9E5E7C8C0AEFF3EA
AIMA Weekly News 10 September 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4422E5E5-AA0B-4F6F-92D5B4571168AAC1
AIMA Journal Q2 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FED0AE98-A3BE-447F-A7428BF7053F1977
AIMA Directors' Report Accounts and summary of activities for 2012http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D58DAA2B-5366-43D2-AC9157E190188783
AIMA Weekly News 22 October 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B89E4B0A-7F6F-4103-93038ED310320D0B
AIMA Journal Q3 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C2A6B7C2-BC64-4E0D-839A2FBAE2CA9A0D
AIMA Weekly News 24 September 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5E62009F-9C32-41DE-B68D8E13D2AE6858
AIMA Weekly News 1 October 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/19E671EB-6554-4D1A-B5B0B7BD97E92050
Guide to Sound Practices for Hedge Fund Valuationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/38562398-D867-41E3-8CAE25E6D353EFC2
AIFMD The Road to Implementation Joint AIMA and EY Surveyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E751DC62-A4DE-4720-B72FBD2F117E63D7
The cost of compliance 2013 AIMAMFAKPMG Global Hedge Fund Surveyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DC4BB7AD-6DB9-4995-9844F6AEE5BC4F18
AIMA Cayman Chairman's message October 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/69209EB1-B618-4C9F-B5AA4FF7F70A1FA8
AIMA Weekly News 12 November 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/78F1CBBA-90CA-4F48-90A45D5F444F3EE5
AIMA Hong Kong Newsletter November 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3878CCAE-ECAA-4225-9A607AE6D4167ECC
The evolving role of hedge funds in institutional investor portfolios Cayman Financial Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A97A0BA7-CAFC-4D4C-A85AF5264E423304
AIMA Weekly News 19 November 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/67F8D4EE-C200-434F-BDBC535828AA9253
AIMA Weekly News 26 November 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A5A91747-6132-4901-ACC8C1DF90164CCD
Cayman and the US Sign FATCA Agreementhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/396E4212-BC21-4980-A81CB5CB2EE0EE00
AIMA Weekly News 3 December 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/08463B12-CA6F-49BD-A396C6A8F1CFDAC3
AIMA's Roadmap to Hedge Fundshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7E64C1B4-DF18-4CD5-8FABB82BDDB62476
AIMA Hong Kong Newsletter September 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/15189AB1-1A85-45F4-8E3642CE6096AF11
AIMA Singapore Newsletter August 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/537C5E21-F785-4E1D-ADA7505974D42F35
AIMA Singapore Newsletter June 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A2729444-6E4B-415A-B38162CE4F3542C7
AIMA Singapore Newsletter April 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7D0D308B-AD4D-4DCE-A5A4D8440CF988C0
AIMA Hong Kong Newsletter October 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5B42CBDD-17D0-43C9-BA52AC6A806FE323
AIMA's Illustrative Due Diligence Questionnaireshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DD8B66B4-5CA7-4EE0-886BE78190AF1D1E
AIMA Journal Q4 2013 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E3471D6E-5371-4331-89C19C1912082F19
AIMA Weekly News 10 December 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1DDE3633-1795-4780-9D89278CEEED2AB0
AIMA Review of the Year 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B762A0E1-9BDF-47E7-A0D18A91BC08C93C
AIMA Weekly News 17 December 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A26DB8B8-D722-4031-9E1028EC17724B17
AIMA Hong Kong Newsletter December 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D26566F1-970D-4E10-942C2674BC310795
AIMA Weekly News 7 January 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/15FBB607-56C3-4802-9B091785A6A1C7E1
AIMA Weekly News 14 January 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/16CC8CDF-729F-4449-892213ED27B5FC3C
AIMA Australia Newsletter May 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C18B119B-DBF5-4770-A86D3F1AC1D09CD6
AIMA Australia Newsletter June 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9D1395A0-67AE-4841-B38C85596B7379C3
AIMA Australia Newsletter July 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9AAE0879-CBD1-4C11-BEE2C8299570BBFD
AIMA Australia Newsletter August 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9A626F9C-503F-4AC4-A5CE0E77A107894C
AIMA Australia Newsletter October 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BB4051DB-9293-41DB-8688B2D13EB472FF
AIMA Weekly News 21 January 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/359E3727-A6C8-4EF3-802C360CFDCC6EF9
AIMA Weekly News 28 January 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E924B7A7-F4DF-40CD-A4D8327D9E3EE979
AIMA Weekly News 4 February 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/38940665-564D-48B9-A8CAC29799E2086D
AIMA Singapore Newsletter January 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1CA46195-F206-49C0-B96E3C6D3B1A4968
AIMA Weekly News 11 February 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/37C0BD24-1057-4B84-8841E7DDAECACCED
Hedge Fund Manager Training London and New Yorkhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B1C5B284-DB78-4379-A631185328B9E7D4
AIMA Weekly News 18 February 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CCA1E161-CC75-4DA2-9465A94843A18F29
AIMA Hong Kong Newsletter February 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/16262622-B4A1-4B35-9BA25178583EC67D
AIMA Weekly News 25 February 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B95D27A8-A8DD-4B58-80A3537DD73B17E6
AIMA Singapore Newsletter February 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E715962F-0C27-493F-B27165B065214599
AIMA Weekly News 4 March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/89B64052-8C1C-42A3-AC9493BBDBB3A2D5
AIMA Hong Kong 2013 Annual Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/61CCC601-E2DB-4E75-BBDCB8413F0BA394
AIMA Hong Kong 2013 Annual Review Chinesehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DFF6DBAE-8547-4C8D-AE813B79D5B21E4E
AIMA Weekly News 11 March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/438C42ED-05EC-4790-B0A27E2A05D4C727
AIMA Hong Kong Newsletter March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1D909CBC-F660-413D-8A6F7299F78D2F0E
AIMA Weekly News 18 March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/503B6889-5915-453C-BA27BD770A3ABE87
AIMA Hong Kong Press Release Capital markets fuel economic growth new paperhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D111194C-5AAB-4CC9-ABDD80B078BF15C3
AIMA Journal Q1 2014 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1B76A3FC-FB36-4745-B3BF277ACDD520D2
AIMA seeks Analyst Tax Affairshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/43C46EE7-B23C-468C-8CF3652C4FEE9225
AIMA Weekly News 25 March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4278A216-FBA7-4780-93DA21976EC599C0
AIMA Weekly News 1 April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/109C2B2D-9768-454F-876186C08B8DF8D6
AIMA Singapore Newsletter March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/988B1236-E725-403D-A51F1EE0C5B3220E
AIMA Weekly News 8 April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/99C398F8-8BD0-4D88-AA2BDBAD8FC8AE50
Hedge funds do not pose a systemic risk Financial Newshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/81F08909-5DA4-4B36-B8B6D6CB54624960
Capital markets and the EUs growth strategy EU Reporterhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/74091F3E-7E23-4E11-804B61DF4098C7E5
Valedictory column by Andrew Baker HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D3073D69-D982-45AC-A30EDEB87EDA116D
AIMA Weekly News 15 April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/09E23CAE-9B3B-4D6D-BA86E9DC0CC308BC
AIMA Hong Kong Newsletter April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F0E8F508-7F0F-40C1-A68DF73FF314AA97
AIMA Weekly News 22 April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B5A8EB35-D877-4639-8B1FA0DBE422EF00
Helping capital markets flourish HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E75EB275-BEC8-4080-BE0FA062DFA67796
AIMA's enhanced Policy Principles HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/85F5923D-6271-4A1E-9EEB6A4ED1720E8C
Regulating capital markets HFI Global Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/395C45F5-8043-4502-92A28B46CEC16746
Looking back at how the AIFMD and the industry has evolved HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/448966AF-8C17-436E-94A0E7518AAF7AFB
Regulatory changes in key markets HFI Global Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/91003C62-75BC-408B-917EFAC43623024E
The move to central clearing HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D51F9611-40AA-426C-ABE94B088D81DE4A
European charities turn to alternatives says Cerulli Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A44A5C33-68A6-4E14-B70D153B80AEBC14
Time to start work on AIFMD HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A0BACFAF-6DB0-4911-97AD216BEE4546E9
Equity benchmarks are an unsuitable hedge universe measure Hedge Funds Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9BC9CD84-3667-4325-86AC56140A7BD450
Hedge funds and the real economy HFI Global Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5148A9A1-11AD-4712-B34C6AFD15834F98
AIMA Weekly News 29 April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5A84D907-F972-4CBC-8F9181504613228E
AIMA Singapore Newsletter April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C988D377-02F5-42DA-95332CE7A63D97B8
AIMA Weekly News 6 May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6C2406B9-FB1A-4E64-9B74ED38C5C0B429
AIMA Weekly News 13 May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3E91CA34-595A-4BEB-9A4078E7FF729C5A
Why are hedge fund assets reaching alltime highs AllAboutAlphahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DBE5EF22-06DB-4FFF-8CCA3C4E3B33F1CF
Hedge funds' riskadjusted returns top equities bonds Pensions Investmentshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CA61AB1B-8116-442E-AC3D90C2316EEA8B
Hedge funds wade into systemic risk debate Financial Newshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3B1F2B63-767B-4AEB-92F32F1EBAA8C2CD
AIMA offers guide to hedge fund performance InvestHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/525F89B9-B032-4D28-BCD70627F5483282
AIMA announces three new council directors Institutional Investors Alphahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/553282AE-AFE7-40DB-BBD9D790935B9263
Three new directors join AIMA Council EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4A720CC9-5EA1-4FDE-B984470D62F7D675
A conversation with new AIMA CEO Jack Inglis Canadian Hedgewatchhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/99F0C544-7624-4D0E-BECF9B2B91EDBF81
AIMA report shows growth role for hedge funds EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7AFB8F78-D59A-4EF6-8AEA02986AB0A6E7
UKs largest hedge funds get bigger with 82 of assets Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D4F6DBD3-3097-4529-A0BEFF6E9E9B6243
AIMAs new advocateinchief sets out key areas for global engagement and education EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6465F6AD-2FFD-4DDD-9FB7FA9B25BC7462
Hedge funds meet portfolio objectives Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CA45B83F-F6AE-44DC-BFC96143D8949FEB
AIMA announces new chair and deputy chair of Investor Steering Committee EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DC0944F4-4308-4634-9EBC6EC2F1DFB127
Prime broker veteran to take reins at hedge fund trade body City AMhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2377C62B-F54C-4E9C-950F0912CD8D28C0
AIMA recruits exBarclays man as CEO Financial Newshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4A2BBFA7-2003-4E5C-8D8EB5517AA87A4E
AIMA calls for pay rules threshold as industry poll shows remuneration has reached the top of managers concerns EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D210CCCD-5126-4B1C-8B2389BE471818F3
UK Treasury mulls landmark new fund structure HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CF1DCE8A-6A09-494A-9E120D9A924C9C46
IOSCO report exaggerates hedge fund leverage critics claim Hedge Funds Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CB3D51CA-93A4-47EC-AFC61764D53F4FE8
AIMA updates hedge fund valuation guidelines InvestHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FAEF408C-541C-4B0E-80C867740E160E5F
Jennifer Wood included in FN100's Influential Women listhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E62A0F89-0F6D-4ED6-AE79644DB69976DC
Compliance costs rise at hedge funds Wall Street Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/103735F5-18DF-48A9-99E0BB66F1B84449
France and Germany to be hit by harder hedge fund rules than peers City AMhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8B331447-55E5-4356-8408363B363D3B12
Five AIFMD questions with AIMAs Jennifer Wood Mandate Pipelinehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B95A79AB-4D9D-4727-91E9175F0C66EE4F
AIMA says Andrew Baker to step down as CEO Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8EAAC038-96EE-4F6F-AAEC0808EE847141
Regulating capital markets AIMA's policy principles The Hedge Fund Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CBE77935-6236-42DB-9D22D1CE5F9CCEA5
Europe makes uneven progress on AIFMD Funds Europehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FEB918CC-61D0-4CF4-A60B459584195BEE
AIFMD: How far has it come Financial Newshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6F85CE15-29C0-432A-AFCBE870C428F4B5
AIMA publishes new guides for hedge fund managers who want to comply with AIFMD Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/52F31707-7BEE-4B8B-AD5248730DB5C7C1
Operational risk under AIFMD Operational Risk Regulationhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/354049CA-C021-4AFB-89C6A8D951734E12
AIMA calls for deeper global coordination of OTC derivatives regulation EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C0F8CFA2-1F74-40FA-B6251B1416E07615
AIMA paper on deeper international coordination of OTC derivatives regulations The Centre for Financial Stabilityhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A717BD37-5A29-431A-AE7A509989B33A07
'Beyond 6040' Institutional Investor's Alphahttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BA805CC4-CAB6-4E23-A4E7E1F5E537B9C3
AIMA report highlights hedge fund philanthropy FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8D130E6C-FA74-4CDA-B24CA67F12DE2F95
AIMA Journal reviews hedge fund regulatory change worldwide Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FA0DEDFB-7EE9-422D-9BBD3B1EEC0FB599
AIMA makes three appointments FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7AA9A39C-7CE7-443F-857971C4B4C96298
AIMA launches AIFMD implementation guides for member firms EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D6DF64E6-72AB-470F-BD8BD67A4D258387
SEIAIMA panel comments on remuneration rules for European alternative fund managers Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/49B8566F-DFB7-4701-805AE3336B5299B3
Defining alternative investments FT Adviserhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/81F225D0-EB05-4DD3-85872A2EB3F102B3
New EC nonbank rules should not apply to hedge funds HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/02C2711C-42F7-4F95-8A12CA7BC15D651F
AIMA Weekly News 20 May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6BE71BC3-C833-4AA0-B3A1CFB15F138F06
AIMA Weekly News 27 May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/52DDD20C-1EA2-43FD-8DFB47A64E6ABCDA
Activist hedge funds boom Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2C93BEF7-05A3-40F5-BE397151C8F32376
UK hedge fund industry booms despite wider slowdown in Europe Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/447770E8-AEC8-49AC-BBAE32BEFB2682AF
Hedge funds see inflows of almost 40 billion in Q1 FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0AC6CF1F-E762-42FF-ABD6F7004533F3DA
Investor interest in smaller managers grows HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2B78A81B-88D5-481C-A3FEDC04DE5CF940
Risk management set for 'greater role in investor decisions HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5E3D062D-D2E6-4728-B60E3BA2E6F98A51
AIMA opens Toronto Stock Exchange TMXhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/03808FAB-771D-4FFA-902F6C6825E41833
Hedge fund assets hit sixyear high HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F5463BA8-5612-4B83-9CDC363A4B9A7866
Institutions now largest hedge fund investors study Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3C635423-C808-4D79-AD4FBB71CDF0DD4F
Alternative investors see activism as value driver says Novus survey Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0A814910-F195-4BD4-966F291482443530
Hedge funds get 243bn in February highest monthly inflow in three years Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C848B1F2-B14D-439C-905E4AA42D521DCC
Institutional investors see hedge funds as a must not an alternative HedgeFund Intelligencehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1091BC47-7E9E-43B0-A36EB6D93E753526
Activists make a positive mark on the board Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AE76058A-9C2C-477A-AED2A54EBCFF8945
American hedge fund assets hit alltime peak Absolute Returnhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/81A3CF96-4EBC-4FED-9B35E5C236803468
European assets hit an alltime high HedgeFund Intelligencehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2794ADC1-325F-4AAB-AD25FEB36907C45E
Which leaders will shape the future of hedge funds Bloomberg TVhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F2462740-7C6E-4819-B2CF1E2140149529
Americas need for active investors Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C5595448-71E6-49F9-B7F3FC59D477CF09
Largest UK hedge funds get bigger with 82 of assets FCA says Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D204A636-BA50-4AA7-83614C5EC973DF6C
Global macro back in favour says Deutsche Bank HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F42C566E-2984-476F-918C416F64014271
Asia hedge funds add 20 billion in first growth in 3 years Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B56DC6B0-E79B-4F8D-97862FCE87E5F37C
Investor interest in hedge funds surges to prefinancial crisis highs Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/23EB3D1D-933F-423D-A5C5C14265C8C23A
Hedge fund assets to grow faster in 2014 says Credit Suisse survey Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C05D3F75-2871-4AE3-B458707BB90CE642
If you hate hedge funds you hate yourself HedgeFund Intelligencehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BF025BCC-D9AB-401E-A8F503545A65CF0A
Hedge fund industry passes postcrisis high water mark HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9E2ECE6F-0E14-4A9E-9113B54ACDD58A6F
Hedge funds report resurgence in inflows from sources of private wealth Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D7A7D957-F849-44B6-B7A2525297D766D0
With ban on ads removed hedge funds test waters New York Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/047E0C51-9C80-4D1E-8B2B3F9BF87243A3
Investors happy with hedge fund PE returns FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B763C49D-74CA-4E85-895522E254EF9B23
Hedge fund assets seen reaching 3 trillion this year Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FAD9E707-56D4-4C92-82C489C06BFC016D
Investors eschew high returns for lower risk Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1DF90EDE-FBC8-40F6-A08A891E478A8EEB
Corporate upgraders The Economisthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F317F1DC-8CD8-4971-BB013914865DEA81
Hedge funds multiply in Asia pursuing flood of cash Wall Street Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/42E8C788-436C-4CB1-BA245A1EC0F5773F
Healthy growth of hedge fund assets continuing among DB plans Pensions Investmentshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C646A990-AABB-4EC7-BE3451B9081DD79D
Asian hedge fund capital hits 112 billion FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A35069DB-346D-41C2-B8ECCBBDD5CAA2C4
AIMA Hong Kong Newsletter May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C2B15158-CB39-4DF7-992DA796454FDCC6
Hedge fund performance versus expectations Bloomberg TVhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3F50C4AF-5DC3-45CB-8F528F709B4DA64A
Alternative assets to hit 13 trillion by 2020 PwC predicts HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5CA06E6C-3B4A-48BB-887B54D32C49B9D1
Hedge funds assets increase 17 to record 263 trillion Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8DC33A87-BCE3-4F66-B1826850C6BFAA33
Hedge funds post performancebased gains of 100 billion in '13 FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/79992697-65F3-45CB-98A62CE9298949C0
Three reasons The New Yorker is wrong about hedge funds Forbeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7E6E484D-F19F-4A29-9DE62E1150028196
Foundations and endowments inflows to increase HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/86AD947C-BC90-4F92-B1416267DDB9D1FA
Hedge funds could raise up to 70 billion from AsiaPac investors Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CBF52CA3-9028-4801-BE158253341121C4
In defence of hedge funds: your pensions are the great enablers The Guardianhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5CC9292B-FD10-4A26-B8B189D89CC3024D
AIMA Weekly News 3 June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/32232EE7-D346-44A1-B58FBF6DE35953FA
100 days on The Long and the Short of it AIMA's bloghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/600E896A-BE5D-4E9A-B4E6BA3BE0BF2861
Activist launch numbers surge finds Preqin HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E043303C-6AC8-4582-AEBB7AEFD72F9DEF
5 more reasons The New Yorker is wrong about hedge funds Forbeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/34858A1E-094D-46D3-8ED31AB2ABB3C4A6
AIMA Weekly News 10 June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FB4D9399-6A5A-47CF-A1D5A3EFEE8E4C8E
Trade Mission HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/545171D0-11B5-406E-89927FAD8A956077
Understanding hedge fund performance better InvestHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1F23EFA3-2409-4C40-B9D38200916DF21F
AIMA Hong Kong Newsletter June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/14B2143A-2AAE-481F-BFC5C2A9497A483E
AIMA Weekly News 17 June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C40FCA50-E6A4-450C-86D9369B925BC2AD
Why investors are happy with hedge funds Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7A167B3C-B206-4254-8D5BAE08F5DC0EE4
New launches on the rise in 2014 HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/35FD8C3C-41BF-4372-B64AA578D0B0ACC4
The Extra Mile: Partnerships between Hedge Funds and Investors AIMABarclays paperhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5B08E89C-A729-4558-900E6492CDE73A02
Investor survey AIMA JapanEurekahedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FEB5FC9E-591C-4E8E-B2D53D7EFFAE03C6
AIMA Japan Newsletter April 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AA0336BE-71EC-4207-BFC63540520C8B39
AIMA Japan Newsletter April 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/44DF2619-E6A6-4832-BE177947C4F3EC72
AIMA Japan Newsletter August 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4BF0D999-3B65-4E5E-BCFE6DF350012AE4
AIMA Japan Newsletter December 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0245A21A-6AFE-4EEA-A5DD0C58E7C11186
AIMA Japan Newsletter February 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E83DF91C-4D6A-439F-A96F52A9E6985D16
AIMA Japan Newsletter February 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3EEA9D78-6C42-468A-B08471668750C9DB
AIMA Japan Newsletter January 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3E0615F7-FBE7-47E7-B9F2ED05F93CC36D
AIMA Japan Newsletter January 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C0AC39C5-D814-4FD3-AB30867C106F26BD
AIMA Japan Newsletter July 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F38073BD-D224-430E-9C66EA46B4ED345B
AIMA Japan Newsletter June 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3D8830D7-D788-4943-AC453A33C04066BB
AIMA Japan Newsletter June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/10046FA7-9236-4EA5-83C5C7A7EEB3AD15
AIMA Japan Newsletter March 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/364505FB-026B-449B-A3115D0132988644
AIMA Japan Newsletter March 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5FBA2E0E-806E-41A3-A220C9430F5828D1
AIMA Japan Newsletter May 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/91FD0372-BBDE-4AE3-BF6A21F24A04F128
AIMA Japan Newsletter May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5F67AE7C-9056-4B4C-8492C47D655B6B92
AIMA Japan Newsletter November 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/352A863B-93A8-41D5-826BD18C11262CCD
AIMA Japan Newsletter October 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5C2EF94E-A1DF-4ED9-B4D65D605DB7A944
AIMA Japan Newsletter September 2013http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8914767A-A28C-4459-A1F2DAFD2C98529D
AIMA Weekly News 24 June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/749815EB-FE48-4463-B5197F2B221F5FB8
Hedge funds should be partners say AIMA and Barclays Investment Pensions Europehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/77FB275D-0F00-4C0F-89B7421799B736A4
AIMAAMAC agreement hailed as big step AsianInvestorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C66E9BFA-326E-40BE-89D0CE9B12CB066E
Japanese investors to maintain hedge fund allocations says survey Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9619B71A-5261-42A6-9EDCAB6E0382C0A3
AIMA Journal Q2 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/688FCE85-290E-4DEF-8FC2DF5942F34065
AIMA Weekly News 1 July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/789C6F7E-69F6-4BEB-92C74496B9FB4334
AIMA Singapore Newsletter May 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9F6ECEA3-30CE-454C-94E28F8DD5A15970
AIMA Singapore Newsletter June 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9BB47189-E4EA-4626-A7E311A24D0D4360
AIMA Weekly News 9 July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/17C1D705-9706-4D63-893A7C8ECBBABF12
AIMA Hong Kong Newsletter July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3ABF199C-66E7-4B39-9E1E443A1E48E007
AIMA Weekly News 15 July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C60F04C5-0048-4033-805922415BCD3D13
The Business of Running a Hedge Fund Wells Fargohttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/628F353D-36C7-4ED9-B8C3550146A24C8C
Business plan and risk outlook 20142015: Implications for the asset management industry PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0E1FE4D7-3FE4-4AB9-AAF38372394AFDB0
AIMA updates flagship due diligence tool to reflect industry changes EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/63386D75-7CE5-43E3-96CD384D7F199624
UKs 1 trillion corporate pensions sector stands by hedge funds Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1B109E9C-1E2B-484C-9E35F086FDA75B2B
AIFMD deadline is just the beginning HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EE31BC3A-3291-4CA8-82B87351AE146738
Global Enforcement Review 2014 Kinetic Partnershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/61CB4C4A-035A-4987-84156EE6811A6F73
Globalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/492C53C0-EEC5-4409-BF7AB3151A2F5710
Global Regulatory Outlook: Viewpoint 2014 Kinetic Partnershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4ADC8B2D-5878-4EAB-8027B59D33F4FB0E
New Hedge Fund Competitors Blurring Product Boundaries: Achieving Success in a Changing Landscape Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/74881651-9AF0-4D5B-9997A8EEA6240C57
The FundofOne: A customised solution for a changing world Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3C98FFBB-D2C4-4944-B2AC2FBF382E73F0
Form PF: The impact on private advisers Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B9664F96-5238-4B4E-87AA3C18B832056E
Regulatory brief: A publication of PwC's financial services regulatory practice PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A649D65D-AF73-425E-97F5A43FA015AB1F
Global Alternatives Survey 2014 Towers Watsonhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D249948B-A477-4CF8-BB99F547DFCA927F
Preqin Investor Outlook: Alternative Assets H2 2014 Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7555AC5F-FB93-4D27-B80D3F7D0DD723A6
An American in AIFMD land EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C85A5FBB-4D2C-4492-A232EB5FC6071B4C
CalPERS Withdraw From Hedge Funds Start of a Trend Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E530BB5A-D335-4573-948B3B997AF65B35
Investing in Hedge Funds: All About Returns Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AC639A11-2371-44B2-8B756700D125E9F4
Exploring pathways to growth: 2013 global hedge fund and investor survey EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B2CCD956-6320-4C08-BDC1A2984D11ADF6
Hong Kong Jockey Club boosts alternative investments by 34 Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A090AB03-8D8A-48D2-BA8B881C22C00893
Global ETF survey: a new era of growth and innovation EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/593B92A8-A5FB-4426-86875B51AA87590C
Preqin Special Report: Activist Hedge Funds Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1CAAC37C-07BC-4113-8E5DC4C280D76F65
IFRS 12: Structured entities considerations for fund managers EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5D15B8A2-4D41-4D11-A57D7313CAAAFDBF
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AIMA Weekly News 27 August 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A41D211B-6B46-4287-AF10F5D4F504B060
AIMA Singapore Newsletter August 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9151ED58-7069-48B6-BF03EAB9FCACC2E2
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Western lobbyists bring a gentler touch to shape Asia financial reforms Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6D6EBC50-0A54-46E1-850EA70BBE8881BF
MultiManager Funds: A Toolkit for Evaluation Cambridge Associates LLChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/21D759EE-C69B-418F-AF1C20F8E6ED6F02
AIMA Weekly News 9 September 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/60D08F7B-0910-46C4-8113BC91AEA91AD7
The Next Alternative: Thriving in a New Fund Environment State Streethttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/218B706E-ADEF-43E6-B89343BA4F8C2F73
Alternatives insights: April 2014 Towers Watsonhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0BAD9B09-B618-494D-B58C1F461F650C45
Hedge fund portfolio construction: key considerations Towers Watsonhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/02DF5BA6-4308-4D79-AB885238D467E9CE
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Of apples and oranges Funds Europehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3C4FF6E6-6F2E-449A-8EF9F6133B685E98
Managed accounts: an evolution Towers Watsonhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5B7D9CAE-7C86-4173-BA1D477B77D56A7A
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Apples and Apples How to Better Understand Hedge Fund Performancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C54E3F83-2DDE-4CD4-864DC39E8315181C
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Capital Markets and Economic Growth LongTerm Trends and Policy Challengeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C55A1CF5-383C-4E7C-BE181D9724790CFE
The Value of the Hedge Fund Industry to Investors Markets and the Broader Economyhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/207C36FC-19B3-4B32-B62594E593DAD632
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European hedge funds scramble to pass first test under EU regulations Wall Street Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DB7BF896-3892-4A76-981424F5AE592929
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Unlocking Value The Role of Activist Alternative Investment Managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9B814ACF-CE0C-4797-852819FF40C134A4
Roadmap to Hedge Funds 2012 Editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/500A6D53-2C3F-47F4-92AE9CD0FB426208
Roadmap to Hedge Funds 2008 Editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D6EBA819-7BAC-4D4A-ABC48D7B46AB9350
Investors pour almost 100b into hedge funds in H1 FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8F9B153B-2932-44F9-9D4E59D0800FE93B
Opportunities and Challenges for Hedge Funds in the Coming Era of Optimization Part 2: Changes Driven by Regulation Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B5AE46D2-BD7D-493C-ACD4DAF152C64855
Opportunities and Challenges for Hedge Funds in the Coming Era of Optimization Part 1: Changes Driven by the Investor Audience Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9346CF9F-B204-4925-843C02156EEF4E4D
2013 Business Expense Benchmark Survey Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2B536534-572A-4291-8E3E9004176AFFBE
Exploring the Concept and Characteristics of "People Alpha" Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F3BDCC76-14AE-4173-848FD3E614D41F32
Introduction and Overview of 40 Act Liquid Alternative Funds Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/580A8B04-5186-4DA5-BFD96BDFC0568D5C
The Rise of Liquid Alternatives the Changing Dynamics of Alternative Product Manufacturing and Distribution Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0352BAB7-A765-4C39-8B82F885D48DA193
AIMA updates flagship due diligence questionnaire The Hedge Fund Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8F4F931A-C354-4177-87D38061B20978ED
Asian Hedge Fund AUM Hits 1167B In Q2 FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/68998355-D4C4-4F14-B2A324F08120B1B1
Investing in Asian Hedge Funds: Opportunities and Challenges Cambridge Associates LLChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2CCC774D-520D-4D6B-A8D89C078F506ED7
AIMA highlights industry value with The Case for Hedge Funds' EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B2B213AE-1978-433F-983095304CB6B430
SEC publishes Form PF data COOConnecthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C2BFC815-F604-45DE-967263783530ED57
Moving Into the Mainstream: Liquid CTAMacro Strategies Their Role in Providing Portfolio Diversification Citihttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/07AD929A-9262-4D75-8BA6DD2ABCB279C5
Beyond 6040: The evolving role of hedge funds in institutional investor portfolioshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/86A96B00-0A8C-45FA-8954B77A9205F790
On the cusp of a new gold standard for regulated funds Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/047A9D1F-526D-4F86-8C2F4E472C429C82
AIMA Australia Newsletter July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6A1FDC7F-0E3F-4801-8FF90E37751813EB
AIMA Weekly News 29 July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2AA9AF27-8613-4490-A01C8A7104741490
AIMA Singapore Newsletter July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/922DBFC8-0252-409B-AB7FB6B68580584D
Review of the 9th Annual AIMA Japan Hedge Fund Forum 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C0F7C2A5-FA88-4AF2-ADA37FE77CCF2041
AIMA Weekly News 5 August 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3D4E32C7-95FE-433B-938B88CBEAAAE5F4
Asset Management 2020: A Brave New World PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AE30B2CD-8C5B-4688-A31136D3CF48B444
Private Fund Managers and the Retail Alternatives Phenomenon SEIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9315180B-8990-4BA2-86F9C824D0A3C3B3
6 Ways Hedge Funds Need to Adapt Now SEIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7BFE84DB-0A62-4144-85580E87727CFA16
Hedge fund assets up 15 on big inflows strong returns Pensions Investmentshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B6CE76AC-C695-4E5F-8EE01C9F856DCBCB
Ohio Illinois sticking with hedge funds as Calpers flees Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3B047140-ECC3-4760-8ED0477230839674
Apples and Apples How to better understand hedge fund performancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B6496F41-00EF-44E9-B9149EAC78D4CBFC
AIMA Weekly News 12 August 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/877E80B5-0F6B-4FEC-B86DD38957BEF48C
Alternative Investment Solutions: CTA Performance in H1 2014 Newedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/09A2A8D9-8A9B-4F16-8F62FBA16F4C5D9F
Hedge fund boss gives 5m to build new museum maths gallery The London Evening Standardhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D07C3A7B-68E4-4F00-A2EA5A6122AD1561
The Effect of Investment Constraints on Hedge Fund Investor Returns SSRNhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3AB522CD-F163-474B-9E42B01BF1B09A81
AIMA Weekly News 19 August 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DE446CA5-23E7-42C3-996EF303F6358E73
AIMA Weekly News 14 October 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F38992B5-6FD8-4AC4-8C10BE16F84C265E
Consultants still view hedge funds 'very favourably' Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2ED4F5A8-39A7-48FD-93FFD51DD1CB720D
Institutional investors looking to increase alternatives allocations Preqin Pensions Investmentshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/535C8266-1E9C-42C0-AB39DAEC002F6B46
Alternative investments to grab up to 40 percent of revenues by 2020 McKinsey Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/046A481E-1F78-478D-B466A3C96D8A1AFA
Top 10 Operational Risks: A Survival Guide for Investment Management Firms SEIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A68342BE-B3DB-4A69-82D92BA434AA817B
Nine Key Considerations SEIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1634DB28-C441-4A65-A9834DD533ACAD6F
The balancing act: how to navigate the evolving challenges of the prime brokerage industry EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4EB2B1C7-5514-4860-AFE45A82E0C45B32
Investors still loving hedge funds even as Calpers exits Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/71084F94-6A76-4F01-B5A77AE27900D83D
Press Release 080914 HFRhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A8E12DCD-20BC-4A1C-B6540D4DB647345F
Press Release 180714 HFRhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5B3820BB-ADC2-4166-8659849515757AF9
Press Release 070814 HFRhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/760639CC-B668-4FC4-A7044988DB29D5C5
The Q2 2014 Preqin Quarterly Update: Hedge Funds Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C6229F6C-836A-4730-BC27F7790EA8221B
Hedge Fund Performance: What Do We Know SSRNhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BCFF9CB6-39AE-4A75-ACAB2E28D0DE4552
Momentum Strategies in Futures Markets and Trendfollowing Funds SSRNhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/784853F5-99F6-479E-861EDD84651823DA
Do Hedge Funds Deliver Alpha A Bayesian and Bootstrap Analysis SSRNhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A40C5612-34A5-4CDA-987E52CEFD22C1C4
When There is No Place to Hide Correlation Risk and the CrossSection of Hedge Fund Returns SSRNhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E054B795-BD95-4729-8208A372DC019379
Incentives and Endogenous Risk Taking: A Structural View of Hedge Funds Alphas SSRNhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A9D8C978-48F6-4459-B5F94DEF9C47B258
Utilizing European volatility during the current market conditions Eurex Grouphttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5A43F47B-BADF-4272-A389382CDF39BA44
Addressing the challenges of central clearing for the buy side Eurex Clearinghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0002D85C-AD66-47F6-80437983ADEBD76D
Launching a hedge fund building the operational foundation for success EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C2D9415B-8C25-40BC-98CBBF01234DD9E9
2014 Update of the Hedge Fund Manager Due Diligence Questionnaire Webinarhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8F81809B-3BEB-4B5F-923F3FBD6F12FF51
A review of currency hedging in index construction Newedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/21DA52CC-C565-43FE-8B5617C7613BB0D1
Hedge Fund Spotlight August 2014 Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/204ACE9C-66BE-41AD-BFF76A74FE36EF85
From black box to open book PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/843EB83C-CA53-4A0C-8646C658669E0F28
The Spectrum of Hedge Fund Investors and a Roadmap to Effective Marketing Wells Fargohttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9D291EA5-6FF6-4C53-966D2B137A587A20
Understanding Investor Due Diligence Wells Fargohttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5E7DCF32-9606-4175-AD06A00DE4CAF93D
AIMA Weekly News 16 September 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/42D8E265-4F97-4295-A351011B8784F6CC
AIMA Australia Hedge Fund Forum 2014 Reviewhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9082F82E-A597-4812-96D974530E8DDF90
AIMA Weekly News 23 September 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0CF35C9D-5773-461B-973827A8CA82D35A
AIMA urges authorities to make public aggregated data from regulatory reports COOConnecthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/29BF858E-2ED7-4596-867625E8CBE7BCD8
Magnetar and Citadel pros join AIMA council HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/ED82F5E5-2BC9-48C4-A37441B124BA8771
Alan Howardbacked research unit opens at Imperial HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7FEEC39D-D58D-4DC8-91BB99531C75D3B8
Case remains strong for hedge fund investment Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F567A35E-E652-4FA2-AEF3ACD2DD0F5C8E
Miliband vows to tap the privileged few for 25 billion boost to NHS funds Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3FD33ED1-7C27-4F18-A07F004D32904535
Miliband's war on hedge funds could damage City of London The Daily Telegraphhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/51BEA7DB-DBD9-4A34-AFE43E99302E7E61
The Case for Hedge Funds: AIMA's postcrisis thought leadership The Hedge Fund Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D7E514BC-FB29-4C58-9AEDE20BF18A0991
MiFID MiFIR Key issues for Level 2 Webinarhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/72259B02-9752-448E-B7276A884707EADA
AIMA Journal Q3 2014 editionhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2E892BD8-1DC8-430A-ADF32F77FFD96226
AIMA Weekly News 30 September 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/07BEB67E-C696-4724-BA9ED2A35A6BECE2
Complex and expensive they may be but hedge funds can benefit us all The Daily Telegraphhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D033D407-C186-4C4F-A6144F56DE9E4E03
EU regulators must learn lessons from EMIR when implementing SFT rules COOConnecthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/86863F0C-2EB2-4F29-89431961E1350B74
Building the case for hedge funds HedgeFund Intelligencehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6D51B924-D62B-4FBD-BB810B70303967A4
Two major UK schemes join hedge fund pullback Wall Street Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1A4FE1C4-3FB5-40C9-B676088C572323A3
AIMA Weekly News 7 October 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/85FB532B-CB60-462A-A44B370E59DE9065
European Depositary Regimes A comparison of UCITS IV UCITS V and AIFMD Clifford Chancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B3FB1F1F-1A92-4026-95409EB070D109F4
Fund marketing without a passport under the AIFMD the emerging landscape Clifford Chancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4975DD71-02D6-48BD-B24FBEBD48FD7DE2
Biggest German public pension likes buyout hedge funds Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E2C1E717-872D-4D5A-AA29A5CE91B2525E
Hedge fund charity launch sees strong backing AsianInvestorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B058E1B7-A040-4EDD-B885347D850B6562
DB: Institutional investors stand by hedge fund investments FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F5F76285-C33F-4CB9-9920894ACE196E29
The alternative UCITS market Towers Watsonhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4D9ABE42-FDE8-476F-A05A2D9C4A2CD18C
Volckered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds PAAMCOhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/73F406C3-1B27-4124-8A34A5B8A06149B3
Funding GapDriven Investing PAAMCOhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B6B4BBAA-6F04-4430-9D7307C38FC356C2
40 Act Daily Liquidity Hedge Funds: Considerations for Institutional Investors PAAMCOhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/53ADFDA4-F4DE-44A7-9ACB0AD390F0E21D
Under the Hood of Hedge Fund Leverage PAAMCOhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/89A0AAA1-D4D6-4B8E-824995118358D0B7
AIMA Weekly News 21 October 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/58CAF2C8-4558-4569-8DB91E2CAA5F8CD4
Comment: Jack Inglis HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/06C61AFB-A73D-4944-ABE746F809F9177E
Market hits out at misleading leverage method HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9F540ABE-533A-4F2E-A9D7D0AC9EF46F21
CTAs deliver six consecutive months of gains says Preqin Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/44F818B4-1C11-42AB-A4B9B3B010918352
Private banks see hedge fund demand rising AsianInvestorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/53CA9668-77F1-4F0E-848D6767308B0C3A
Goodbye CalPERS and good luck EuroHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/85E18587-D7EE-4D0B-85819C39F342B632
AIMA Weekly News 28 October 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F45F07A4-4EF2-458B-8F2A903A785E33BE
Hedge funds consolidated gains in Q3 says DeAWM Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AAF7C190-41C8-45FD-82A8F89490D3E396
UK pension funds shy from liabilitymatching in favour of alternatives Investment Pensions Europehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EC7E64D4-8A82-4F39-8D988902C29AD098
AIMA Weekly News 4 November 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/50D73777-D0BD-41AA-931BD729E7A89FF1
Shifting Strategies: 2014 Global Hedge Fund and Investor Survey EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E37A6226-7CC4-494D-9250564CA7597229
Press Release 201014 HFRhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A3193482-7516-46D5-99E3C452E9DA4419
MIFID2 for Asset Managers and Private Banks Clifford Chancehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1EC1FC1F-EA9D-4ED0-8FCCC32BDDE6414A
Hedge Fund Spotlight October 2014 Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1629444F-611E-4CDE-91725DF81B8B9D8F
Preqin Quarterly Update Q3 2014 Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C5DA30D9-D5C7-47D1-B44D376CF56B2B02
AIMA Weekly News 11 November 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BBC898F8-6862-4A40-96B334398AD4D1F2
Hedge Funds Navigate Turmoil To Post October Gain HFRhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/2A6FFE38-4222-439B-A04689DE64B4D769
FATCA: What Managers Need to Know SEIhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/269A06B1-6C08-4483-9016AD31FB5E2E9D
China hedge funds to blossom under new rules Wall Street Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/36D58357-A3E2-4C54-8DF3580B9B1D10F8
University of California defies CalPERS on hedge funds Bloomberghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3FDCBD48-B602-4D4B-A674A1CCCA8639B5
Asia Pacific institutional investors increase their influence in alternatives market Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/81D7F6B5-C71E-4C93-BA41257F28EC8765
Alternative and multiasset fund launches jump 15 percent since 2010 Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/AEF3885F-C353-4950-B62265264D69EF5C
In defense of hedge funds Barron'shttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5EBC164B-EC01-4526-83D03F17A287CC60
Hedge fund investor groups hammer swaps stays Wall Street Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6A3231C0-BC84-434F-94D7C77F1D0E5E88
Value of legal talent rising in funds industry AsianInvestorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9E9FFC56-C291-40D6-94B663697268017F
Hedge fund sector welcomes NSFR carve out HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8EAA04D0-EF0B-4364-843D5DF7C3F9067E
Joint AIMACAIA Association paper The Way Ahead Helping trustees navigate the hedge fund sectorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F67D717F-A848-4559-8176327A2C9D0DCF
Needs of Institutional Investors in the New Alternative World UBS PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/601FF103-A197-49B7-885DE2528C4ABAE1
AIMA Weekly News 9 December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/21979CD7-6FDB-407F-A22DFA4F3EC47ADF
AIMA Weekly News 2 December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E1D094ED-4A8E-4D18-B5987E054B9F266E
AIMA Singapore Newsletter September 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7C57670B-9144-4698-ADEFA0FDAEB58ABC
AIMA Singapore Newsletter October 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A2EC2C8B-B240-4DC2-BD5A773A8140BD1E
AIMA Weekly News 18 November 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A95C22CC-69C5-4E59-BF91EEC33B2C60B8
Chinese takeoff: The range of hedge fund opportunities HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E72985BE-00CB-4728-B765881D738ABB25
China opens markets in Hong KongShanghai deal Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/063320A1-2B45-4E7A-9F35ABAEC36732AC
Stringent rules for hedge funds make the financial system fragile Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A58542D4-1AB9-4792-B309B0EF1D07A762
Hedge fund institutional investors based in AsiaPacific Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/020EB00F-BDBE-4D54-B224E5B600EF9E97
Pension funds to flock to riskier investments Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B9F4ED77-A74F-40F0-97F4EDD928FDB39C
AIMA Weekly News 25 November 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B87CE354-1F71-4939-A31136905F5D5B99
Hedge Fund Spotlight November 2014 Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B1405687-789D-4875-94A22224065E8B9E
Pension Funds DIY: A HandsOn Future for Asset Owners State Streethttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/45C8B4F8-FDE3-42C4-9E77B7301EE36569
Hedge fund administration: The quest for profitable growth PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8BE165A3-4D3F-4922-993B773BD0B4C00C
MiFID II and MiFIR: A new regime and a game changer for the financial services industry PwChttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7639B91E-7185-4B03-82F521A5A7D46B2B
Tye reappointed as AIMA Hong Kong chairman AsiaHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FBA2C3A2-193F-4785-AAA94C8CD23F9DC8
AIMA urges EC to retract burdensome assessment HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6552B898-9597-4052-92141B19CCA3A91D
AIMA announces new Council directors Funds Europehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C3E586F8-F9E5-4748-B00EB136D43F602D
Over half of DB pension schemes invest in hedge funds HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F7DE59AA-4902-4E65-8F3B52F5F8D6B327
EY's Global Information Security Survey Get ahead of cybercrime EYhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9E672202-E6AA-469F-A4081E6AA85F99BF
'Taking Stock' Recent Developments in the Equity Hedge Fund Landscape Barclayshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1F69F538-3548-4885-BA46BEF3AF86F2C9
lt;olgt;lt;ligt;Equity HF developments and driverslt;ulgt;lt;ligt;bull;How has the Equity HF segment of the industry developed over time What has been the evolution of AUMlt;ligt;bull;How have Equity HFs performed in various market environmentslt;ligt;lt;ligt;bull;Have Equity HFs delivered on their value proposition over time What have been some challengeslt;ligt;lt;ulgt;lt;ligt;Analysis of Equity HF substrategieslt;ligt;lt;ulgt;lt;ligt;bull;How have various Equity HF substrategies performed rec
Global Shadow Banking Monitoring Report 2014 FSBhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E858DC85-1DCE-4590-9668842A62848B74
Monthly Hedge Fund Trends December 2014 Deutsche Bankhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/62A21FA7-7FBA-47B6-84D6030CDA4F09B8
AIMA updates PB guide to reflect new regulation HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5215B3A6-B1B3-41DC-8BB62B1B47E2ED73
AIMA updates guide for prime broker selection The Hedge Fund Journalhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E79DF3F3-7F16-465E-92AEFF178DD6CF45
Investors eye 2015 with big appetite for hedge funds Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B9E6CB74-24B7-4E2F-9E0B3A5D7F9B4694
AIMA Weekly News 16 December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CEE9F197-0DE1-4B78-9432F5AF19BF9257
AIMA Japan Newsletter July 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/3C93B862-9E1B-4557-801D8DC0EA673128
AIMA Japan Newsletter August 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0632BD73-0C6F-409A-9C54AE978B426DA9
AIMA Japan Newsletter November 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/04818B0D-395F-44F5-88953421508BDC71
AIMA Japan Newsletter October 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8F13E040-8A9F-4853-903DAD4AA7888507
AIMA Japan Newsletter September 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B63A07DC-797E-4566-921B66E62C96DB4D
AIMA Singapore Newsletter November 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9E029A23-2089-49B1-9B01CBFE4CB7D773
AIMA Singapore Newsletter December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4F850579-2FEA-4398-928755E870FA0385
AIMA Hong Kong Newsletter December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/EC13E73A-E23F-4887-9252C4B1F6D647C7
AIMA Japan Newsletter December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/4AC64EAC-9481-49FC-ABF40D36760BBEA9
JanOct hedge fund inflows best since 2007 FINalternativeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/38EB8F89-7618-4DB2-9924DE340516C51D
AIMA Weekly News 23 December 2014http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/45F19A3B-C399-431D-9B7DA0A35717F660
AIMA Weekly News 6 January 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/6D217890-D0D2-42A1-B4CE8E80CA6534EE
AIMA Weekly News 13 January 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1181562F-9E35-45F1-8AFF4C95D779366C
Hedge Fund Spotlight December 2014 Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/465E9852-8B6B-4E79-80D32ED2D6AE79E4
Chinas sunshine funds triple in three years Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F4FDC59F-EDD2-446F-88D38AEFDE3B1152
Big investors say will stick with hardpressed hedge fund sector Financial Timeshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CD277E73-BB45-42A5-BADBB8490C634BB6
CTAs continue strong performance into 2015 HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/21AF1845-9437-4CE8-A573727CD31C848C
Dutch scheme shuns hedge funds Financial Newshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/D9440D01-9D4E-4BC9-80A46B3C3A58DC4B
AIMA says AIFMD passport should be extended to nonEU managers HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/C1EABB92-ECE3-41BD-AE307FC333197573
AIMA Weekly News 20 January 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/92901218-8A20-474B-BB524AE898A0E622
AIMA Cayman Chairman's Message Jan 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/100AFF2B-F05D-4EA8-9D215824DC5EBA49
Hedge funds record highest inflows in 7 years in 2014 Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/770D9E4F-6578-4193-B0F9D2997D895B98
Number of hedge funds hit alltime high in 2014 HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BCE53AB2-B495-49F8-8CC3173A04F47008
ESMA calls for stronger capital markets Financial Newshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/484DDBAA-4E2E-4F16-909227D3DA1EFBF2
Hong Kong regulator makes case for harmonising reporting HFMWeekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/E3E0C406-54DB-469E-962771F0FD81603E
AIMA to hold inaugural Asia regional forum in Hong Kong Opalesquehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/69F4063C-A91D-42C8-BC9D50FEAAA7DF8E
The hedge fund industrys quiet revolution Preqinhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/9CB5ACCC-FC77-45E7-818774F04A7D449E
AIMA Weekly News 27 January 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F7BBEFD0-C927-42E9-84CF48ACBED04B88
'What Lies Beneath' 2015 Global Hedge Fund Trends and Allocation Outlookhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/A18250CA-C033-40E4-A337A0DB2D861348
Our 25th anniversary year CEO bloghttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/F07E0897-E2B2-448E-9873103EE76A37D8
"The Alpha Game" Hedge Funds Step Up Operations to Capture New Growthhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/FD32604A-F5C6-40BD-B8B725DCC5AA596F
AIMA Weekly News 3 February 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/0C6D69E0-C9CF-46DA-B5FC753A1420176D
Top 20 managers made 25 billion for investors in 2014 say LCH InvestHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/CE819777-059C-462D-A5EB3CB92B8D7A9E
Bulk of hedge fund asset growth since crisis came from performance Pensions Investmentshttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/BF277129-56F8-49D7-B4F14B7191616318
Endowments and foundations to up allocation to private equity and hedge funds in 2015 says survey Hedgeweekhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/964997DC-24F8-46AA-9BD29EF69B811C7C
Capitalisms unlikely heroes The Economisthttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B0C5F1D0-6017-4A7C-B7C6A6789103B54C
Institutional allocators add 24bn in mandates in 2014 InvestHedgehttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/8843E657-F946-4D8D-BCC010A687D74513
Hedge fund managers skin in the game can close pension gap FT Adviserhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/DA307A10-A989-4A36-B7569D60C072F36D
Hedge funds hit back at Labour over tax row after Ed Miliband queries stamp duty avoidance City AMhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/B77E78B6-F9C5-4B90-9191AAC9AE48D943
Hedge funds earned 15 trillion for investors in last 10 years Reutershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7E8ECFA3-4661-4475-BB3E1A9A17235134
APAC Newsletter Launch Edition 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/68451C64-97C5-42E0-8580DC578B36BDB8
AIMA Weekly News 10 February 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5316AFBC-695C-403D-B1D156A375D8C261
AIMA Japan Newsletter January 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/41E7F80E-F94E-469B-B70FBF1630599FA3
AIMA Weekly News 17 February 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/342FDEE3-5FF0-410A-87190A3585191573
Unlocking Value The Role of Activist Alternative Investment Managershttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/05C45EEE-DF77-4EF4-BF046BDA7E94CAE8
AIMA Weekly News 24 February 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/1492221B-F2EE-478E-AB7561F1DAE7BF09
APAC Newsletter 2 March 2015http://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/7DABAEC5-2C52-4369-9AA753B3B9C85740
The Way Ahead Helping trustees navigate the hedge fund sectorhttp://www.aima.org/en/knowledge_centre_old/education/aima-journal/past-articles/index.cfm/jid/5073A946-5998-4D18-A2A420F2C5E7F1C5